Questcor Pharmaceuticals (QCOR) shot up 15% to a record high Monday after it released preliminary June sales of its lone drug, Acthar.
The company estimated it sold 400 to 410 paid prescriptions for the leading indication, multiple sclerosis, up at least 50% from June 2011. Anti-nephrotic syndrome prescriptions, which Questcor started actively marketing last year, jumped more than fivefold to 115 to 120. There were also three prescriptions filled for a rheumatology condition called dermatomyositis/polymyositis, for which Questcor announced commercialization plans last month.
Questcor shares rose to an intraday high of 58.91, closing up 7.41 to 57.64.
Jefferies analyst Biren Amin raised his Q2 revenue estimate to $111 million from $100 million, more than double the year-ago quarter. He accordingly added 10 cents to his EPS estimate, now 64 cents. That would be a 178% advance from the year earlier. Amin raised his price target to 60 from 56.
In the first quarter, Questcor reported earnings per share tripled, surging 205% vs. a year earlier. Revenue swelled 161%, the best gain in nearly four years, to $96 million.
Questcor, a longtime member of the IBD 50 list of top stocks, is currently No. 2.