nice, but Questcor Pharmaceuticals Inc. (QCOR) shares plunged Wednesday after insurer Aetna Inc. (AET) limited reimbursement of the pharmaceutical company's only drug, Acthar, for treatment of infantile spasms.
Shares recently dropped 40% to $30.05 on heavy volume and earlier hit a 52-week low of $22.26 as Aetna called the drug medically unnecessary to treat certain other conditions.
Noted short-seller Citron Research highlighted a policy bulletin on Aetna's website from Friday that called Acthar medically necessary for West syndrome, a relatively rare neurological disorder that causes infantile spasms, but described its use for several other conditions as medically unnecessary, or investigational and experimental. http://online.wsj.com/article/BT-CO-20120919-709391.html
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