Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced that the ad hoc committee appointed by Valeant’s board of directors has appointed former Deputy Attorney General of the United States Mark Filip of Kirkland & Ellis LLP to advise the committee in its review of allegations related to Valeant’s business relationship with Philidor and related matters.
“We are pleased to have someone with Mark’s distinguished qualifications advise our committee,” stated Robert Ingram, Valeant’s Lead Independent Director. “The committee will be meeting promptly to determine the work plan for its review in consultation with counsel.” (Original Source)
Shares of Valeant Pharmaceuticals International closed yesterday at $111.50. VRX has a 1-year high of $263.81 and a 1-year low of $88.50. The stock’s 50-day moving average is $177.01 and its 200-day moving average is $217.41.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on October 27, RBC analyst Douglas Miehm reiterated a Buy rating on VRX, with a price target of $231, which implies an upside of 107.2% from current levels. Separately, on the same day, Barclays’ Douglas Tsao reiterated a Buy rating on the stock and has a price target of $135.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Douglas Miehm and Douglas Tsao have a total average return of 1.1% and 19.2% respectively. Miehm has a success rate of 53.8% and is ranked #2244 out of 3808 analysts, while Tsao has a success rate of 66.0% and is ranked #219.
The street is mostly Bullish on VRX stock. Out of 16 analysts who cover the stock, 11 suggest a Buy rating , 4 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $208.82, which implies an upside of 87.3% from current levels.
Valeant Pharmaceuticals International Inc is a specialty pharmaceutical and medical device company that develops, manufactures, and markets a range of generic and branded generic pharmaceuticals, over-the-counter products and medical devices.