Valeant Pharmaceuticals Intl Inc VRX shares are trading higher by $4 (16 percent) at $32.73 in Wednesday's session. The catalyst for the rally are positive comments coming from its largest investor, Pershing Square's Bill Ackman. He called the issue a "classic" investment for his firm and expects valuations to improve.
After a higher open, it retreated and found support just ahead of Tuesday's close ($28.73), only reaching $28.81 before rocketing higher.
The ensuing rally took the issue to $34.68 before falling back to the $33 area. That marks the second highest level since it was cut in half on March 16. The highest level came on that trading day when it peaked at $35.82.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
