Valeant Surrenders Early Gains After SILIQ's FDA Approval

Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $0.42 (2.6 percent) at $16.44 in Thursday's session. Before the open, the company announced it received FDA approval for SILIQ (a treatment for Psoriasis).

That announcement instigated a higher opening into the $17.00 handle, an area where the issue has struggled with since late November. As its turns out, its opening tick of $17.14 has turned out to be the high for the session.

After back-to-back days of near $1.00 gains, short-term traders utilized the higher open to take some profits. The ensuing decline took Valeant's well below Wednesday's close ($16.86), falling all the way to $16.12, but has since rebounded back into the mid-$16 handle.