Valeant Pharmaceuticals International, Inc. (NYSE:VRX) announced that its Board of Directors has appointed Thomas W. Ross, Sr. as its lead independent director. Mr. Ross, who has been a member of Valeant’s Board since March 8, 2016, serves on the Board’s Nominating and Corporate Governance Committee and is Chairperson of its Conduct and Compliance Committee.
“I am delighted that Tom will serve Valeant in this important role,” said Joseph C. Papa, chairman and chief executive officer. “Tom’s contributions to the Board have been invaluable, and I believe the Company will continue to benefit greatly from his insights and expertise as we move Valeant forward.”
“I am pleased to expand my service to Valeant as its lead independent director,” said Mr. Ross. “The Board is very pleased with our new CEO and Chairman, Mr. Papa, and we all share with Joe and the management team, a deep commitment to working with Valeant’s strong assets and personnel to launch a new chapter in the Company’s history.” (Original Source)
Shares of Valeant are currently trading at $24.00, down $0.14 or -0.58%. VRX has a 1-year high of $263.81 and a 1-year low of $22.52. The stock’s 50-day moving average is $28.70 and its 200-day moving average is $61.86.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on June 9, Morgan Stanley analyst David Risinger maintained a Hold rating on VRX, with a price target of $36, which represents a potential upside of 49.1% from where the stock is currently trading. Separately, on the same day, Stifel Nicolaus’ Annabel Samimy maintained a Buy rating on the stock and has a price target of $55.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Risinger and Annabel Samimy have a total average return of 1.2% and 10.3% respectively. Risinger has a success rate of 58.8% and is ranked #1583 out of 3878 analysts, while Samimy has a success rate of 55.2% and is ranked #400.
Overall, 3 research analysts have rated the stock with a Sell rating, 10 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $32.08 which is 32.9% above where the stock closed yesterday.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology, and branded generics. The company operates through two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets. The Developed Markets segment consists of (i) sales in the U.S. of pharmaceutical products, OTC products, and medical device products, as well as alliance and contract service revenues, in the areas of eye health, dermatology and podiatry, aesthetics and dentistry, (ii) sales in the U.S. of pharmaceutical products indicated for the treatment of neurological and other diseases, as well as alliance revenue from the licensing of various products it developed or acquired, and (iii) pharmaceutical products, OTC products, and medical device products sold in Canada, Australia, New Zealand, Western Europe and Japan. The Emerging Markets segment consists of branded generic pharmaceutical products and pharmaceuticals, OTC products, and medical device products. Products are sold primarily in Central and Eastern Europe (primarily Poland and Russia), Asia, Latin America (Mexico, Brazil, and Argentina and exports out of Mexico to other Latin American markets), Africa and the Middle East.