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Questcor (NASDAQ:QCOR) filed a form 8-K today and it is chock full of great information for analysts, if you read the fine print. This filing is of great interest to investors, based on the current price depreciation recently.

Jefferies Group upgraded the stock today, with a price target of $28, after attending the Biotech event and surveying some of the key insurance company representatives. The survey included questions regarding their opinion of Aetna's (NYSE:AET) bulletin update, and their plans for updates. In all, it was neutral, with most companies stating they would release updates on schedule. No immediate changes and no expressed agreement with Aetna's change.

Most articles and analysis are currently focusing on the prescription numbers, which were undeniably good. The report shows an increase in vials per day, for September versus August.

Paid Prescriptions
July 2012
Scripts per
Business Day*
July 2012
Paid Prescriptions
August 2012
Scripts per
Business Day*
August 2012
Paid Prescriptions
September 2012**
Scripts per
Business Day*
September 2012**

Nephrotic Syndrome (NS)

108 5.1 119 5.2 105-110 5.5-5.8

Multiple Sclerosis (MS)

376 17.9 508 22.1 400-410 21.1-21.6

Infantile Spasms (IS)

39 1.9 37 1.6 25-30 1.3-1.6

Dermatomyositis/Polymyositis (DM/PM)

1 0.0 15 0.7 11-13 0.6-0.7

Other Rheumatology Indications

3 0.1 1 0.0 5-7 0.3-0.4

Total Rheumatology Indications

4 0.2 16 0.7 16-20 0.9-1.1

There was a reduction in MS prescriptions and some are alluding to it as proof of Aetna's bulletin impact. There were 508 in August versus 410 in September. I'm not going to read that much into it though, or assign the Aetna bulletin as a cause. There were fewer days in September (19) versus August (23).

MS prescriptions may be a bit volatile, as they are dependent on a short term MS episodes. Patients may go months or longer, between episodes.

Sales reps were assigned to start building the market for NS (Nephrodic Syndrome), Rheumatology Indications, and other indications. The increase in new prescription numbers, for those categories, reflect that was successfully started.

There is also a note regarding the investigation. A topic hanging in the back of everyone's mind. QCOR has indicated that the investigation is focused on a specific district, and it is not at a federal level.

"On September 21, 2012, the Company became aware of an investigation by the United States Attorney's Office for the Eastern District of Pennsylvania (the "USAO") regarding the Company's promotional practices. Following our September 24, 2012 announcement of this investigation, we received a subpoena from the USAO for information relating to our promotional practices. The Company is fully cooperating with the USAO."

For those of you wishing more information regarding the DA, here is the link to their homepage.

In all, a very positive filing. Increased sales, a good start to marketing for additional indications, clarification on the buyback, and a glimpse in to the source of the investigation. Investors may want to consider a long position in anticipation of further analyst firm upgrades. Earlier support/resistance levels indicate $28 and $34 may be reached near term.

Source: Questcor's 8-K Filing: Digging In The Details