Valeant Pharma (NYSE: VRX) is pushing to the highs of the session, following earlier news that about 1.3 million shares CEO Mike Pearson had pledged on a loan were sold yesterday due to margins calls.

The news suggests that some of the overhang in the market has now been alleviated.

Shares of Valeant last traded up 5%, however, they remain down nearly 60% since short seller Citron Research's initial short report on September 28th, which was followed by the 'smoking gun' report on October 21.

The company's entire Philidor-like specialty pharmacy business model is now in question and the U.S. Congress has its sights set on the company's drug pricing model.

Still, shares are seen as inexpensive on a sum-of-the-parts basis. Analysts at Mizuho yesterday suggested that looking at liquidation value using a DCF analysis of the business under catastrophic scenarios it generated a per-share value of $100.