Bank of America Corp. Upgrades Questcor Pharmaceuticals to Buy (QCOR)
Questcor Pharmaceuticals (NASDAQ:QCOR) was upgraded by equities researchers at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $80.00 price target on the stock, up from their previous price target of $58.00. Bank of America Corp.’s price objective indicates a potential upside of 23.17% from the company’s current price.
The analysts wrote, “Following QCOR’s success in driving Acthar sales in recently promoted indications and its investment in R&D for new indications, we now assume a longer growth period for Acthar sales. We model steady revenue growth for ten years with peak sales of $2.4bn in 2023 (prev. $1.5bn in 2018; see Charts 2&3). While we have cautiously flattened our revenue forecasts for the MS indication, we look for sustained momentum in the rheumatology and nephrology launches. An expansion into pulmonology is targeted for Q4, and we anticipate dermatology and/or ophthalmology could follow. Sustained reimbursement and yearly price increases further bolster our longer-term view. Our DCF-derived PO represents a 13.6x multiple of our 2014 GAAP P/E, slightly below the 15.7x median for spec pharma co’s. Our EPS estimates through 2015 remain above consensus.”
Several other analysts have also recently commented on the stock. Analysts at Oppenheimer raised their price target on shares of Questcor Pharmaceuticals from $57.00 to $73.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Lazard Capital Markets set a $85.00 price target on shares of Questcor Pharmaceuticals in a research note to investors on Thursday, August 15th. They now have a “buy” rating on the stock. Finally, analysts at Mizuho raised their price target on shares of Questcor Pharmaceuticals from $65.00 to $84.00 in a research note to investors on Monday, August 12th. They now have a “buy” rating on the stock.
Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.93.
Shares of Questcor Pharmaceuticals (NASDAQ:QCOR) traded up 4.23% during mid-day trading on Wednesday, hitting $67.699. The stock had a trading volume of 247,107 shares. Questcor Pharmaceuticals has a 52-week low of $17.25 and a 52-week high of $70.55. The stock has a 50-day moving average of $55.87 and a 200-day moving average of $39.40. The company has a market cap of $3.990 billion and a price-to-earnings ratio of 17.43.
Questcor Pharmaceuticals (NASDAQ:QCOR) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.12 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.96 by $0.16. The company had revenue of $184.60 million for the quarter, compared to the consensus estimate of $168.96 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. Analysts expect that Questcor Pharmaceuticals will post $4.81 EPS for the current fiscal year.
In other Questcor Pharmaceuticals news, Director Virgil Thompson sold 5,000 shares of Questcor Pharmaceuticals stock on the open market in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $69.12, for a total transaction of $345,600.00. Following the completion of the transaction, the director now directly owns 29,867 shares in the company. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Questcor Pharmaceuticals, Inc (NASDAQ:QCOR) is a biopharmaceutical company.
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