Questcor Pharmaceuticals Rises on Doctors’ SurveyMonday, October 8, 2012
Anaheim-based Questcor Pharmaceuticals Inc.’s shares are up today on a survey suggesting that doctors plan to boost their use of its sole drug.
Questcor shares rose 7% in midday trading to a market value of about $1.26 billion.
New York consulting firm LifeSci Advisors LLC released a study showing that doctors who prescribed Questcor’s H.P. Acthar Gel weren’t strongly affected by Aetna Inc.’s decision to limit payment for Acthar to infantile spasms. Acthar is primarily sold for treating nephrotic syndrome, a kidney disorder, and for treating multiple sclerosis flare-ups.
LifeSci Advisors said that 39 of 41 doctors who responded to the survey expected their Acthar prescriptions to hold steady or increase over the next 12 months.
The drug maker’s seen sharp spikes and falls in its share price in recent days centered on Aetna’s decision as well as a disclosure that the government is investigating it.