Questcor Pharmaceuticals Lowered to Neutral at Zacks (QCOR)
Questcor Pharmaceuticals (NASDAQ:QCOR) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Tuesday. They currently have a $97.00 price target on the stock. Zacks‘s target price would suggest a potential upside of 6.21% from the stock’s previous close.
Zacks’ analyst wrote, “In Apr 2014, Mallinckrodt and Questcor entered into a definitive merger agreement whereby Mallinckrodt would acquire Questcor for $5.6 billion. As per the terms of the agreement, shareholders of Questcor will receive $30.00 per share in cash and 0.897 Mallinckrodt shares for each share of Questcor common stock. The total consideration comes to $86.10 per Questcor share.The transaction, subject to customary closing conditions, is expected to be completed by the third quarter of 2014. The stock has had a fairly good run so far in 2014. With the closure of the acquisition scheduled for next quarter, we do not see any upside potential and hence downgrade our recommendation to Neutral.”
Several other analysts have also recently commented on the stock. Analysts at Mizuho downgraded shares of Questcor Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Monday, May 19th. They now have a $92.00 price target on the stock. Separately, analysts at Piper Jaffray downgraded shares of Questcor Pharmaceuticals from an “overweight” rating to a “neutral” rating in a research note on Monday, May 12th. They now have a $98.00 price target on the stock, up previously from $96.00. Finally, analysts at Oppenheimer reiterated an “outperform” rating on shares of Questcor Pharmaceuticals in a research note on Monday, April 21st. They now have a $86.00 price target on the stock, down previously from $99.00. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Questcor Pharmaceuticals has a consensus rating of “Hold” and a consensus target price of $86.20.
In other Questcor Pharmaceuticals news, Insider David Young unloaded 6,000 shares of the company’s stock on the open market in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $91.96, for a total value of $551,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Questcor Pharmaceuticals (NASDAQ:QCOR) traded down 1.25% during mid-day trading on Tuesday, hitting $91.33. The stock had a trading volume of 1,548,783 shares. Questcor Pharmaceuticals has a one year low of $45.41 and a one year high of $94.44. The stock’s 50-day moving average is $90.30 and its 200-day moving average is $73.. The company has a market cap of $5.401 billion and a price-to-earnings ratio of 17.46. Questcor Pharmaceuticals also was the target of a large increase in short interest during the month of June. As of June 13th, there was short interest totalling 19,245,387 shares, an increase of 8.1% from the May 30th total of 17,804,215 shares. Approximately 32.4% of the company’s stock are sold short. Based on an average trading volume of 1,699,347 shares, the days-to-cover ratio is currently 11.3 days.
Questcor Pharmaceuticals (NASDAQ:QCOR) last issued its quarterly earnings data on Monday, April 28th. The company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by $0.21. The company had revenue of $227.10 million for the quarter, compared to the consensus estimate of $239.81 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up 68.1% on a year-over-year basis. Analysts expect that Questcor Pharmaceuticals will post $6.89 EPS for the current fiscal year.
Questcor Pharmaceuticals, Inc (NASDAQ:QCOR) is a biopharmaceutical company.
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