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Valeant Spikes After Andrew Left Says He's Long The Stock, Out-Of-Money Puts

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Valeant Spikes After Andrew Left Says He's Long The Stock, Out-Of-Money Puts

Shares of Valeant Pharmaceuticals Intl Inc (NYSE: VRX) were trading up more than4 percent on Monday afternoon, thanks to Citron Research's Andrew Left.

The activist investor told Real Money that he's long the pharmaceutical he so passionately ousted and dissed until very recently. However, the famed short-seller disclosed and confirmed to Benzinga the ownership of some out-of-the-money puts, usually used as short investment vehicles.

Related Link: Valeant Reveals Expanded Discounts For Its Nitropress And Isuprel

Left "wouldn't be surprised if there's a bounce" in Valeant’s stock, following its decline of roughly 90 percent over the past year. The investor noted he's "unfazed" by the company’s decision to increase discounts on two its Nitropress and Isuprel drugs.

To be fair, Left's position came after Valeant changed its CEO. The former Chief Executive, Michael Pearson, was openly shareholder-focused rather than patient-focused – and this was one of Left's main problems with the company.

The new CEO, Joseph Papa, on the other hand, has repeatedly talked about his commitment to patients, and backed his words with actions – mostly product discounts.

Shares traded recently at $27.13, up 4.6 percent on the day.

Posted-In: Andew LeftBiotech Short Sellers Health Care Movers Media Trading Ideas General Best of Benzinga

 

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