UPDATE: Oppenheimer Raising Its Price Target On Questcor Pharmaceuticals

Oppenheimer & Co. is out with a research report on Questcor Pharmaceuticals QCOR and is raising its price target to $35 and is keeping its Outperform rating on shares. In a note to clients, Oppenheimer & Co. writes, "On 7/26, QCOR reported 2Q11 adjusted EPS of $0.23, above our $0.17 estimate on higher than expected net revenues of ~$46M compared to our ~$41M estimate. Acthar revenues in MS flares grew ~23% quarter over quarter to $27.6M during 2Q11 while new paid Rxs grew 48% qoq to 751. Importantly, the success of QCOR's NS pilot sales program was seen in 2Q11 as sales in NS grew 116% to $6.2M, prompting QCOR to expand their sales force to 28 representatives from 5 reps by the end 3Q11. We highlight that QCOR intends on evaluating Acthar for the treatment of SLE as the 4th on-label indication. We are increasing our PT to $35 from $27 and as such are revising our estimates." Shares of QCOR are up $4.00 in pre-market trading to $30.00.