Valeant Pharmaceuticals Intl Inc VRX shares are trading higher by $4 (16 percent) at $32.73 in Wednesday's session. The catalyst for the rally are positive comments coming from its largest investor, Pershing Square's Bill Ackman. He called the issue a "classic" investment for his firm and expects valuations to improve.
After a higher open, it retreated and found support just ahead of Tuesday's close ($28.73), only reaching $28.81 before rocketing higher.
The ensuing rally took the issue to $34.68 before falling back to the $33 area. That marks the second highest level since it was cut in half on March 16. The highest level came on that trading day when it peaked at $35.82.
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