with only 50 million shares float this moves fast.
leant Pharmaceuticals (VRX.T) shares fell 7% in late trading Tuesday on a report by The Wall Street Journal saying bond fund Centerbridge has notified the company of its intention to call a default. Centerbridge cited Valeant's delay in filing its annual report, the newspaper said, citing sources. The company said late Monday it had gotten an extension to file the report. that can force early repayment of debt. Valeant shares had ended the regular trading session up 2%.
Big Valeant Bond Investor Notifies Company Of Intention To Call A Default -- Sources
There does seem to be a bunch of people buying in, like last time it hit 35 it went back to 25. Lets see what happens now.
Raghuram Selvaraju of Rodman & Renshaw reiterated his bullish stance on Valeant Pharmaceuticals Intl Inc (NYSE: VRX), a day after the company said its longtime CEO, Mike Pearson, would be stepping down and that he would continue to stay at the helm until his successor is identified.
Selvaraju has a Buy rating on Valeant, with a target price of $118.
Commenting on the leadership transition in a client note, Selvaraju said, "While we consider Mike Pearson to have been the face of the old Valeant, we believe that the events of the past several months have effectively made his leadership untenable and that the investment community as a whole expects change."
"Valeant is in the midst of having to make some difficult strategic choices, and we acknowledge that a new direction for the firm probably would benefit from new blood in the C-suite," the analyst added.
Related Link: Why Valeant's New CEO Could Be An Allergan Exec