Though Questcor (QCOR -6.5%) claims the hormone corticotropin (ACTH) is "believed" to be the primary active ingredient in its Acthar gel, lab tests of at least two separate Acthar batches turned up "almost no detectable ACTH," says Citron Research in a new 24-page report (.pdf).
Citron, which has published portions of the lab's findings (tests are ongoing), says the test results have been submitted to the FDA. The firm notes Questcor's manufacturing chief/CTO is being transitioned to a "non-executive advisory role," and that the company has been cryptic about Acthar's precise composition (referring to it as a "trade secret").
The firm argues the findings put Acthar at risk of being pulled by the FDA. Shares are adding to the post-earnings losses they saw yesterday.