Shares of Valeant Pharmaceuticals International Inc. (NYSE:VRX) shot up 12.7% during trading on Wednesday . The company traded as high as $22.49 and last traded at $22.48, with a volume of 25,931,203 shares. The stock had previously closed at $19.95.

A number of research firms have commented on VRX. Royal Bank Of Canada reiterated a “sector perform” rating and set a $65.00 target price (down from $69.00) on shares of Valeant Pharmaceuticals International in a research report on Monday, April 11th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Valeant Pharmaceuticals International in a report on Wednesday, March 16th. Mizuho reissued a “sell” rating on shares of Valeant Pharmaceuticals International in a report on Tuesday, May 31st. Rodman & Renshaw reissued a “buy” rating on shares of Valeant Pharmaceuticals International in a report on Tuesday, March 22nd. Finally, Zacks Investment Research cut Valeant Pharmaceuticals International from a “hold” rating to a “strong sell” rating in a report on Friday, March 18th. Seven equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Valeant Pharmaceuticals International presently has a consensus rating of “Hold” and a consensus target price of $74.71.

Valeant Pharmaceuticals International (NYSE:VRX) last announced its quarterly earnings results on Tuesday, June 7th. The specialty pharmaceutical company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by $0.10. During the same period last year, the business earned $2.36 earnings per share. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.34 billion. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year.

In related news, CEO Joseph C. Papa bought 202,000 shares of Valeant Pharmaceuticals International stock in a transaction that occurred on Friday, June 10th. The stock was purchased at an average cost of $24.48 per share, with a total value of $4,944,960.00. Following the purchase, the chief executive officer now owns 2,442,199 shares in the company, valued at $59,785,031.52. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Other institutional investors recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Valeant Pharmaceuticals International by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 4,440,755 shares of the specialty pharmaceutical company’s stock worth $451,403,000 after buying an additional 330,079 shares during the last quarter. Iridian Asset Management LLC CT raised its position in shares of Valeant Pharmaceuticals International by 59.2% in the fourth quarter. Iridian Asset Management LLC CT now owns 4,324,602 shares of the specialty pharmaceutical company’s stock worth $439,596,000 after buying an additional 1,607,834 shares during the last quarter. SQ Advisors LLC raised its position in shares of Valeant Pharmaceuticals International by 38.2% in the fourth quarter. SQ Advisors LLC now owns 2,698,614 shares of the specialty pharmaceutical company’s stock worth $274,083,000 after buying an additional 745,631 shares during the last quarter. I.G. Investment Management LTD. raised its position in shares of Valeant Pharmaceuticals International by 31.0% in the fourth quarter. I.G. Investment Management LTD. now owns 1,328,610 shares of the specialty pharmaceutical company’s stock worth $135,033,000 after buying an additional 314,616 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its position in shares of Valeant Pharmaceuticals International by 14.1% in the fourth quarter. OppenheimerFunds Inc. now owns 611,772 shares of the specialty pharmaceutical company’s stock worth $62,186,000 after buying an additional 75,705 shares during the last quarter.

Valeant Pharmaceuticals International, Inc is a specialty pharmaceutical and medical device company. The Company is engaged in developing, manufacturing, and marketing a range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices), which are marketed directly or indirectly in over 100 countries.

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