Zacks Investment Research Upgrades Valeant Pharmaceuticals International, Inc. (NYSE:VRX) to Hold
Zacks Investment Research upgraded shares of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSE:VRX) from a strong sell rating to a hold rating in a report released on Thursday morning.
According to Zacks, “Once an acquisition giant, Valeant has been caught up in various controversies due to price hike of specialty drugs, erroneous financial reporting and termination of contracts with Philidor Rx Services. After a tumultuous period, Valeant started a rebuilding process with its new CEO, Joseph C. Papa. Even though it is still early to comment on the rebuilding process, but the company’s efforts to sell non-core assets and pay down huge levels of debt is commendable and should bode well in the upcoming quarters. The company reduced its debt by $4.3 billion since the first quarter of 2016.The dermatology business saw some positive trends as the average selling price stabilized. The GI business continues to struggle with weak sales of Xifaxan but should see gain in market share with an increased sales force. Shares have underperformed the broader industry.”
Several other equities research analysts also recently issued reports on VRX. Piper Jaffray Companies restated an outperform rating and set a $10.00 price objective on shares of Valeant Pharmaceuticals International in a research report on Friday, April 14th. Mizuho restated an underperform rating and set a $8.00 price objective (down from $9.00) on shares of Valeant Pharmaceuticals International in a research report on Monday, April 17th. Royal Bank Of Canada restated a sector perform rating and set a $18.00 price objective on shares of Valeant Pharmaceuticals International in a research report on Wednesday, April 19th. Deutsche Bank AG cut their price objective on shares of Valeant Pharmaceuticals International from $19.00 to $18.00 and set a hold rating for the company in a research report on Wednesday, April 19th. Finally, J P Morgan Chase & Co cut their price objective on shares of Valeant Pharmaceuticals International from $15.00 to $10.00 and set a neutral rating for the company in a research report on Thursday, April 20th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $16.81.
Shares of Valeant Pharmaceuticals International (NYSE VRX) opened at 16.84 on Thursday. Valeant Pharmaceuticals International has a 1-year low of $8.31 and a 1-year high of $32.74. The stock has a 50 day moving average price of $15.93 and a 200 day moving average price of $13.36. The company’s market capitalization is $5.86 billion.
Valeant Pharmaceuticals International (NYSE:VRX) (TSE:VRX) last issued its quarterly earnings data on Tuesday, May 9th. The specialty pharmaceutical company reported $2.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $1.93. The firm had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.17 billion. Valeant Pharmaceuticals International had a negative net margin of 14.96% and a positive return on equity of 58.02%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same period last year, the business posted ($1.08) earnings per share. Analysts forecast that Valeant Pharmaceuticals International will post $3.89 earnings per share for the current year.
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In related news, Director Schutter Richard U. De bought 20,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were purchased at an average price of $13.90 per share, with a total value of $278,000.00. Following the completion of the purchase, the director now owns 70,572 shares in the company, valued at approximately $980,950.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.87% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Gruss & Co. Inc. acquired a new position in shares of Valeant Pharmaceuticals International during the first quarter worth approximately $104,000. Financial Architects Inc raised its position in shares of Valeant Pharmaceuticals International by 18.6% in the first quarter. Financial Architects Inc now owns 9,550 shares of the specialty pharmaceutical company’s stock worth $105,000 after buying an additional 1,500 shares during the period. Harbor Advisors LLC acquired a new position in shares of Valeant Pharmaceuticals International during the first quarter worth approximately $110,000. NEXT Financial Group Inc raised its position in shares of Valeant Pharmaceuticals International by 6.2% in the second quarter. NEXT Financial Group Inc now owns 10,303 shares of the specialty pharmaceutical company’s stock worth $178,000 after buying an additional 600 shares during the period. Finally, WMS Partners LLC acquired a new position in shares of Valeant Pharmaceuticals International during the first quarter worth approximately $116,000. Institutional investors own 50.42% of the company’s stock.
Valeant Pharmaceuticals International Company Profile
Valeant Pharmaceuticals International, Inc is a pharmaceutical and medical device company. The Company is engaged in developing and marketing a range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices).
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