Goldman Sachs reported on Tuesday that it has started coverage on Questcor Pharmaceuticals Inc (QCOR
).
The firm has initiated coverage on QCOR with a “Neutral” rating and $71 price target. This price target suggests a 8% upside from the stock’s current price of $65.27.
An analyst from the firm noted: “We are confident in the continued growth of Acthar by expanding further in new indications, and we believe the deal for Synacthen helped ensure the sustainability of the franchise and removed a key overhang on the stock.”
“However, given the recent very strong run in the stock and the current valuation, we’re taking a more cautious stance on risk/reward for being an aggressive buyer here. We think there are a number of factors that could cause some downward volatility in the stock, and we would be opportunistic and look for a better entry point,” added the analyst.
Questcor Pharmaceuticals shares were mostly flat during pre-market trading Tuesday. The stock is up 144% YTD.
No comments:
Post a Comment