Valeant Gets Temporary Boost From Fire Sale Of Assets

Comments
Loading...

Valeant Pharmaceuticals Intl Inc VRX shares are trading higher by $1.20 (7.6 percent) at $16.55 in Tuesday's session. The catalyst for the rally is the announcement that company has disposed of assets that will bring $2.1 billion to the cash-starved company.

After a higher open, it rallied another $0.22 to $17.55 before reversing course. That high coincides with a series of four consecutive highs ($17.45 to $17.65) from late November.

So far, the ensuing decline has found support ahead of the upper-end of Monday's range ($15.65) as the current low stands at $16.45. However, there may be some more work to do on the downside as the issue has is trading just off that low.

Market News and Data brought to you by Benzinga APIs

Posted In: