Questcor Pharmaceuticals Inc. (QCOR:US) climbed to its highest value in almost two months after the drugmaker said shipments of its Acthar multiple sclerosis injection rose 33 percent last month.
Questcor rose 3.3 percent to $51.97 at 4 p.m. New York time, its highest closing price since July 9.
Shipments of Acthar climbed to 2,190 vials in August, 540 more than a month earlier, the company said in a regulatory filing today. Acthar is approved for treating multiple sclerosis relapses, infantile spasms and damaged kidneys.
“We would be buying Questcor related to these Acthar numbers,” said Marko Kozul, a San Francisco-based analyst for Leerink Swann, in a note to investors today. The shipping trends were ahead of estimates and suggests a strong third quarter, he wrote.
Kozul reiterated his outperform rating and a valuation of $55 to $58.
To contact the reporter on this story: Elizabeth Lopatto in New York at email@example.com.
To contact the editor responsible for this story: Reg Gale at firstname.lastname@example.org.