Valeant Pharmaceuticals Intl Inc (NYSE:VRX) issued the following statement regarding the ongoing investigation being conducted by the U.S. Attorney’s Office for the Southern District of New York:
“Valeant previously disclosed in October 2015 that the United States Attorney’s Office for the Southern District of New York commenced an investigation involving Valeant. We have been fully cooperating with the authorities throughout the investigation, and we are in frequent contact and continue to cooperate with the U.S. Attorney’s Office for the Southern District of New York. We do not comment on rumors about investigations, and cannot comment on or speculate about the possible course of any ongoing investigation.
“Valeant takes these matters seriously and intends to uphold the highest standards of ethical conduct as we move forward with our mission to improve people’s lives with our healthcare products.” (Original Source)
Shares of Valeant are down nearly 11% to $24.39 in pre-market trading Thursday. VRX has a 1-year high of $252.51 and a 1-year low of $18.55. The stock’s 50-day moving average is $22.36 and its 200-day moving average is $40.98.
On the ratings front, VRX has been the subject of a number of recent research reports. In a report released yesterday, Piper Jaffray analyst David Amsellem reiterated a Sell rating on VRX, with a price target of $22, which reflects a potential downside of -19.5% from last closing price. Separately, on August 9, Mizuho’s Irina Rivkind Koffler reiterated a Sell rating on the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Amsellem and Irina Rivkind Koffler have a total average return of -1.5% and 24.6% respectively. Amsellem has a success rate of 52% and is ranked #3203 out of 4022 analysts, while Koffler has a success rate of 60% and is ranked #16.
Overall, 3 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 5 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 $31.50 which is 15.3% 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.