Valeant Shares Slow To Respond To Insider Purchase

Valeant Pharmaceuticals Intl Inc VRX shares are trading higher by 58 cents, or 4 percent, at $15.00 in Thursday's session.

There's no specific news out on the stock to account for the appreciation in price. It should be noted that the rally is taking place two days after it was announced that Director Richard DeShutter showed his faith in the company's turnaround by purchasing 10,000 shares at $14.33.

After a flat open, Valeant immediately found support just under Wednesday's close ($14.42) at $14.41 and began to move higher. The ensuing rally took the stock into the $15.00 handle for the first time since $15.23, but weakened to end that session at $14.07. That decline was the same day of the company's murky Q2 report that was accompanied by lower sales guidance.

As of 1:00 p.m. EST, $15.08 stands as the high for the session.