Shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) are soaring more than 20% after reporting strong third quarter earnings. Profits almost doubled due to a surge in the number of prescriptions on its sclerosis treatment H.P. Acthar Gel. Profit for the quarter came in at $22.9 million (35 cents per share), compared to $11.5 million (18 cents per share) last year. Shares are up a whopping 176% year-to-date.
Medical diagnostic equipment firms Quidel (NASDAQ:QDEL) and Alere (NYSE:ALR) are also surging after beating estimates. Quidel missed earning estimates by 5 cents, but its revenue beat estimates by $2.8 million. International sales increased 41% in the third quarter over the same period last year. Alere reported that net revenue for the third quarter increased to $585.8 million for the third quarter, compared to $538.7 million last year. Shares of Quidel are up 24% year-to-date, while Alere is down 33% in the same period.
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Shares of Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) turned positive for the year after jumping 10% on Wednesday. The company announced results from a Bayer HealthCare Phase 3 trial evaluating the investigational compound regorafenib for the treatment of patients with metastatic colorectal cancer. The trial proved to statistically improve the overall survival significantly. OptionMONSTER reports heavy put buying on Onyx, but it is likely to be a hedge to lock in gains, rather than an outright bearish signal.
Allergan (NYSE:AGN) continues to fall behind other healthcare plays. Despite reporting a profit increase for the third quarter, shares are down more than 3% today. The company earned $250 million (81 cents per share), but analysts were expecting earnings of 90 cents per share. “We are very pleased with the progress of the launch of BOTOX for chronic migraine in the United States and with the opportunity represented by the recent approvals of BOTOX for urinary incontinence in adults with neurologic conditions,” said David E.I. Pyott, Allergan’s Chairman of the Board, President and Chief Executive Officer. “Furthermore, we are encouraged by the continuing good growth of our global cash pay businesses in the quarter.”