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Health and Healthcare

Research Finding Knocks Questcor Down

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By Jon C. Ogg Updated Published
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Questcor Pharmaceuticals Inc. (NASDAQ: QCOR) has seen a sudden and rapid share price tank today. Reports are out that Aetna Inc. (NYSE: AET) has managed to stop payments to the company. Details are still outstanding, but the research that was cited by Herb Greenberg on CNBC is apparently from Citron Research, which specializes in finding negative happenings in companies.

Questcor Pharmaceuticals is seeing its shares down more than 40% at $27.00 and its 52-week trading range is $24.14 to $58.91.

It was just yesterday that Oppenheimer & Co. raised its price target to $69 from $59 while maintaining an Outperform rating on the understanding that Questcor will get more revenue from H.P. Acthar gel. The timing of that research call is perhaps very unlucky, but that can happen in these situations.

Questcor is no stranger to big drops, but this by far the worst seen in a day. Earlier this year it saw its shares drop from $55 to $35 in a fairly short period of time.

Stay tuned and look for a press release from Questcor shortly.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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