New York, September 21 (FinanceEnquiry.com) – Analysts at Jefferies & Company downgrade their rating on the shares of Questcor Pharmaceuticals, Inc (NASDAQ: QCOR) from BUY to HOLD. The 12-month target price has been reduced from $60 to $30.
In a research note published on September 20, the analysts mention that after the proclaimed decision of Aetna Inc (NYSE: AET) on September 19, rating on Questcor Pharmaceuticals was lowered. Furthermore, regarding the possible reimbursement for Acthar, some confusion is believed existing at present and it is due to the unclear statements that were issued in the Clinical Policy Bulletin of Aetna (Buy, $39.43) on the topic of Acthar.
Nonetheless, it was confirmed that except for infantile spasm, Aetna is not compensating for Acthar after having conversation with a representative of Aetna on September 19. In addition, as Questcor Pharmaceuticals would need data from a clinical trial published in a peer-reviewed medical journal, due to this, it has been learned that there is just small space for QCOR to reverse this policy decision.
Thus, a reversal of decision, in the near-term, is improbable as together with the discussions with neurologists, the reimbursement change was decided after analysis of clinical data by directors of pharmacy. Finally, it is just unusual for claims to effectively navigate this process, despite the fact that patients may submit an appeal on a case-by-case basis, the analysts add further.
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