Valeant Pharmaceuticals Intl (NYSE:VRX) (TSE:VRX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Saturday.
According to Zacks, “After a tumultuous period, Valeant started a rebuilding process with its CEO, Joseph C. Papa. Even though it is still early to comment on the rebuilding process, but the company’s efforts to sell non-core assets and pay down huge levels of debt is commendable and should bode well in the upcoming quarters. The company is also divesting Sprout Pharmaceuticals and ADDYI businesses. The weakness in the dermatology business was also a cause of concern given Valeant's dependence on the same. Although third-quarter 2017 results were encouraging, the company trimmed its guidance due to recent divestitures. Shares of the company have outperformed the industry in the last six months. However, we believe this might just not be enough to boost sentiment. “
A number of other analysts have also recently weighed in on the stock. BMO Capital Markets boosted their target price on shares of Valeant Pharmaceuticals Intl from $16.00 to $17.00 and gave the stock a “market perform” rating in a research note on Monday, November 13th. Vetr raised shares of Valeant Pharmaceuticals Intl from a “buy” rating to a “strong-buy” rating and set a $19.72 target price on the stock in a research note on Tuesday, December 5th. Royal Bank of Canada decreased their target price on shares of Valeant Pharmaceuticals Intl from $21.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Friday, October 20th. Deutsche Bank set a $18.00 target price on shares of Valeant Pharmaceuticals Intl and gave the stock a “hold” rating in a research note on Thursday, November 16th. Finally, Mizuho boosted their target price on shares of Valeant Pharmaceuticals Intl from $7.00 to $10.00 and gave the stock an “underperform” rating in a research note on Friday, December 15th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $18.20.
In other Valeant Pharmaceuticals Intl news, Director John Paulson purchased 344,216 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were bought at an average price of $14.40 per share, for a total transaction of $4,956,710.40. Following the completion of the acquisition, the director now owns 94,559 shares in the company, valued at $1,361,649.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.87% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Riggs Asset Managment Co. Inc. lifted its holdings in Valeant Pharmaceuticals Intl by 118.2% in the third quarter. Riggs Asset Managment Co. Inc. now owns 8,330 shares of the specialty pharmaceutical company’s stock valued at $119,000 after buying an additional 4,512 shares during the period. Cetera Investment Advisers acquired a new position in Valeant Pharmaceuticals Intl in the second quarter valued at $192,000. Moors & Cabot Inc. lifted its holdings in Valeant Pharmaceuticals Intl by 32.3% in the second quarter. Moors & Cabot Inc. now owns 15,275 shares of the specialty pharmaceutical company’s stock valued at $267,000 after buying an additional 3,725 shares during the period. Harbour Capital Advisors LLC acquired a new position in Valeant Pharmaceuticals Intl in the third quarter valued at $224,000. Finally, First Allied Advisory Services Inc. lifted its holdings in Valeant Pharmaceuticals Intl by 52.4% in the second quarter. First Allied Advisory Services Inc. now owns 16,465 shares of the specialty pharmaceutical company’s stock valued at $287,000 after buying an additional 5,658 shares during the period. Institutional investors own 49.45% of the company’s stock.
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About Valeant Pharmaceuticals Intl
Valeant Pharmaceuticals International, Inc is a pharmaceutical and medical device company. The Company is engaged in developing and marketing a range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices).
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