Left for Dead Valeant Pharma (VRX) Is Up 30% In a Week
Short seller target Valeant Pharma (NYSE: VRX) is continuing to rally sharply off oversold conditions following a few modest positives over the past week or so:
- Citi launched coverage on the debt with an Overweight rating
- Valeant products are selling ex-Philidor
- Valeant to offer cash, stock to keep staff after turmoil
- Positive analyst comments: Morgan Stanley, Mizuho
While nothing is a huge positive catalyst in and of itself, taken together the positives are enough to persuade shorts to lock in gains and move on.
Shares are up 6.5% today and 29% since the start of last week.