Questcor Pharma Stock Jumps On Sales Report, Director Still Selling Stock
Shares of Questcor Pharmaceuticals Inc. (NASDAQ:QCOR) jumped on Monday after the company announced strong sales of its H.P. Acthar Gel, which has several broad uses and treats a number of different conditions.
The stock rose after the company filed a report with the Securities and Exchange Commission that noted it shipped 1,800 vials of Acthar in June, making the total number of vials sold in the second quarter of this year 4,710. This number is nearly double the amount of Acthar sold in the same period last year, according to CNBC.
The California-based company markets the drug for treatment of multiple sclerosis, infantile spasms, and a kidney condition called nephrotic syndrome, making the medicine a powerful tool for the company.
Questcor shares finished 14.75 percent higher on Monday at $57.64.
But amid this good news, Dr. Mitchell Blutt, company director, sold 70,000 shares on July 2, which were valued at $53.11 each, resulting in a profit of $3.72 million. In the last three months, company officials have sold a total of $12.04 million.
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