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Bullish Moving Average Cross by Questcor Pharmaceuticals (QCOR)

Published on Fri, 02/01/2013 - 12:19
By Peter Chu

Questcor Pharmaceuticals (NASDAQ:QCOR) crossed over its 10-day moving average of $25.63 on a volume of 436K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Questcor Pharmaceuticals, Inc. develops and commercializes novel central nervous system-focused therapeutics that address significant unmet medical needs. The Company's primary product is a natural source adrenocorticotropic hormone indicated for the treatment of acute exacerbations of multiple sclerosis, as well as a number of other conditions.

In the past 52 weeks, Questcor Pharmaceuticals share prices have been bracketed by a low of $14.52 and a high of $58.91 and are now at $25.93, 79% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.8%.

Potential upside of 72.8% exists for Questcor Pharmaceuticals, based on a current level of $25.93 and analysts' average consensus price target of $44.80. The stock should run into initial resistance at its 50-day moving average (MA) of $26.84 and subsequent resistance at its 200-day MA of $35.48.

By Peter Chu
pchu@fnno.com

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