Questcor Shares Soar After Unveiling of Quarterly Dividend Buyback Program

Shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) are moving up in the mid-day trading session on Friday after the company reported that it has started a new quarterly dividend and increased its share buyback program. The company’s repurchase plan increased to 7 million shares together with the 3.2 million shares that were formerly authorized.

The company is going through a tough time since last couple of weeks. Earlier this month Questcor’s shares plunged sharply after Aetna Inc. said that it will reduce the coverage of Questcor’s key drug “Acthar”, used in the treatment of multiple sclerosis and infantile spasms. Following that the company made another announcement that federal government is investigating the promotional practices of the company, due to which shares further moved down.

At current trading session, Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) shares gained +3.53% to $18.46 while the Stocks are trading within the range of $18.30 – $19.29.  In the past year, the stock has traded within a range of $17.25 – $58.91. Average daily trading volume is 6.97 million shares.

While If we look at the few other hot stocks at tech sector  Pfizer Inc, Peregrine Pharmaceuticals and Arena Pharmaceuticals, Inc were remain in top volume leaders. Let’s have a quick look on their Market performance.

Pfizer Inc. (NYSE:PFE) shares are down -0.54% to $24.83 while the stock is trading within the range of $24.76 – $25.00 in the current trading session.  In the last 12 months the shares have traded between $17.05 and $25.15. The average daily trading volume is 25.96 million shares.

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares in the current session moved down -7.21% reaching at $1.03. The stocks are trading in a range of $0.99 – $1.09.  In the last year the stock has moved within a range of $0.39 – $5.50. Company’s average daily trading volume is 12.31 million shares.

Another rival company Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) trading down -2.92% to $8.31. Intraday trading recorded the stock price in a range of $8.25 to $8.51.  In the previous 52 weeks the stock’s price ranged between $1.23 and $13.50. Their average daily trading volume is 10.77 million shares.