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Wall Street Buys Valeant After Ackman Cuts Stake

Wall Street Buys Valeant After Ackman Cuts Stake

Valeant Pharmaceuticals Intl Inc (NYSE: VRX) shares are trading higher by $0.80 (4.8 percent) at $16.78 in Wednesday's session. The issue is in the green for the second day in a row, rallying from Monday's close ($14.97) to its current level.

Bill Ackman's Pershing Square in December trimmed their stake by 3 million shares, which came to light in the firm's 13F on Tuesday.

It should be noted Ackman has held a majority of his stake since the stock plunged from its all-time high ($263.81) made in August 2015.

Related Link: 13F Roundup: Apple, Bank Of America And Other Stocks Hedge Funds Love/Hate

After a flat open, Valeant's stock found support just under Tuesday's close ($15.98), reaching $15.77 before embarking on a rally. So far, it has reached $16.80 and isn't far off that level. That high comes in just above its January 11 high ($16.68), but is well shy of its January 10 high ($17.55).


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