October 29, 2010
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Questcor Pharmaceuticals (Nasdaq: QCOR ) shares jumped 10% today after reporting third-quarter earnings.
So what: The company reported record sales of $31.3 million and net income of $11.5 million, or $0.18 per share. Acthar drove performance this quarter, as its use in multiple sclerosis patients increased.
Now what: Sales nearly tripled from last year as the company put itself on more solid financial footing. The performance of Acthar is encouraging, and with Food and Drug Administration approval to market Acthar to treat infantile spasms, I see this stock continuing today's run. I'm buying the growth story and can't get in the way of a growth stock on a roll.
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