could Citron and/or their shorts buddies be behind this? ** fyi, Opco report.
Questcor Pharmaceuticals Remain Buyers Of QCOR On Weakness
QCOR shares have traded down as much as ~7% today, likely owing to the circulation of a website (http://www.biosimllc.com) that details the development of a proprietary ACTH drug that would compete with QCOR’s Acthar. We question the validity and legitimacy of this website as well as the company behind it. There is no listing for the company in the State of Washington's "Corporation Search" (http://www.sos.wa.gov/corps/default/aspx). We reiterate our Outperform rating and would be strong buyers on today's weakness.
• We believe this website is completely illegitimate and was create solely to further pressure QCOR shares by falsely suggesting near-term competition for Acthar (Biosim’s drug is supposedly in phase II development, but there is no mention of Biosim on www.clinicaltrials.gov which tracks all ongoing US-based clinical studies) • We have come to this conclusion after contacting the “company” (BioSim Pharmaceuticals), to which we were sent straight to voicemail. We believe the number is a Skype number and the actual physical address of the company is the BofA building in Seattle, WA. • The website was created only recently (~ 3 months ago) based on our analysis, which convinces us even more that this website is illegitimate. Last, the disclosures on the website are, to us, very suspect. http://www.networksolutions.com/whois-search/biosimllc.com
• We reiterate our Outperform rating and would be buyers on today's weakness.