Bausch Health Cos (NYSE:BHC) Shares Gap Up – Here’s What Happened

Shares of Bausch Health Cos Inc. (NYSE:BHC) gapped up before the market opened on Monday. The stock had previously closed at $6.04, but opened at $6.27. Bausch Health Cos shares last traded at $5.9550, with a volume of 211,220 shares.

Analyst Upgrades and Downgrades

BHC has been the topic of several research reports. Weiss Ratings raised Bausch Health Cos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, July 31st. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $9.00 price objective on shares of Bausch Health Cos in a research report on Thursday, October 8th. Zacks Research raised Bausch Health Cos from a “hold” rating to a “strong-buy” rating in a report on Monday, September 21st. Jefferies Financial Group upgraded shares of Bausch Health Cos to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of Bausch Health Cos from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Bausch Health Cos Trading Down 0.8%

The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -1.99 and a beta of 0.37. The stock’s 50 day moving average is $6.16 and its two-hundred day moving average is $5.58.

Bausch Health Cos (NYSE:BHC) last released its earnings results on Wednesday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.30. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Bausch Health Cos had a negative return on equity of 561.95% and a negative net margin of 10.12%. On average, research analysts anticipate that Bausch Health Cos Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling

In other Bausch Health Cos news, insider Aimee Lenar sold 36,827 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $7.03, for a total value of $258,893.81. Following the sale, the insider owned 334,853 shares in the company, valued at approximately $2,354,016.59. The trade was a 9.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 20.67% of the company’s stock.

Hedge Funds Weigh In On Bausch Health Cos

Several hedge funds have recently made changes to their positions in BHC. Paulson & CO. Inc. acquired a new position in Bausch Health Cos during the second quarter worth $361,151,000. Royal Bank of Canada increased its stake in Bausch Health Cos by 24.9% in the 1st quarter. Royal Bank of Canada now owns 11,363,498 shares of the company’s stock valued at $61,362,000 after buying an additional 2,262,894 shares during the last quarter. MFN Partners Management LP acquired a new stake in Bausch Health Cos in the 2nd quarter valued at $29,580,000. Dimensional Fund Advisors LP lifted its position in Bausch Health Cos by 10.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,604,818 shares of the company’s stock worth $19,456,000 after buying an additional 350,823 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Bausch Health Cos by 10.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,575,772 shares of the company’s stock worth $8,509,000 after buying an additional 143,581 shares in the last quarter. 78.65% of the stock is owned by institutional investors.

About Bausch Health Cos

Bausch Health Companies Inc is a multinational specialty pharmaceutical company headquartered in Laval, Quebec. The company develops, manufactures and markets prescription medicines, branded and generic pharmaceuticals, over-the-counter products and medical devices across a range of therapeutic areas.

Its business includes Salix Pharmaceuticals, which focuses on gastrointestinal treatments; Ortho Dermatologics, which develops prescription therapies for dermatological conditions; and Solta Medical, which provides energy-based medical and aesthetic devices.