Just days after Valeant Pharmaceuticals Intl Inc VRX shares took a steep tumble below the $11 level, the stock is almost back to an important level at $12.
The stock saw an after-hours move higher Thursday following a notable Form 4 filing and the ensuing 13D filing. The filing showed the purchase of 3 million shares by ValueAct -- 500,000 shares of March 14, 2017 at $10.88 and the remaining 2.5 million shares at $10.81 per share.
The filings showed ValueAct currently holds 16.9 million shares, or about a 4.9 percent stake, in Valeant.
The purchase, according to Whale Wisdom, made ValueAct the second-largest shareholder of Valeant behind Paulson & Company, which owns about 19.3 million shares of the company.
The second-largest shareholder of Valeant is a title Bill Ackman's Pershing Square would have held prior to last week. Pershing liquidating its more than 18 million share stake in Valeant earlier this week is the event, which sent shares of the company's stock below that important $11 level.
At last check, shares of Valeant traded up 4.4 percent to around $11.70.
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