Valeant Shares Have Best Three-Day Run in Almost 20 Years
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The headquarters of Valeant Pharmaceuticals in Bridgewater Township, New Jersey.
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Stock gains 36 percent since Monday, best stretch since 1996
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Drugmaker has yet to file annual report, name new CEO
For the first time in a long time, this week was a very good one to own stock in Valeant Pharmaceuticals International Inc.
Since Monday’s close, Valeant shares have gained 36 percent, the best three-day run for the shares since 1996, a period that includes the company’s predecessor Biovail Corp. Valeant gained 3.9 percent on Thursday to close at $35.51 in New York trading.
“It seems like it has found a bottom,” said Annabel Samimy, an analyst at Stifel Nicolaus & Co. “You’ve got some clear turning of sentiment. Some of the bigger uncertainties that seemed to spook everyone and create a climate of fear have been resolved.” Samimy has a buy rating on the stock, and a 12-month price target of $65, cut from $200 in March…
Valeant Shares Have Best Three-Day Run in Almost 20 Years
