** Drugmaker's shares surge 8 pct to $101.23 in heavy trading after Citron's new report has no fresh allegations
** Short-seller Citron Research says is taking a back seat in investigating Valeant, but not backing down from earlier allegations (bit.ly/1Q1YY2b)
** Valeant's stock had tumbled nearly 36 pct since Oct. 21, when Citron said the Canadian company was using specialty pharmacies to inflate revenue
** Citron's head Andrew Left had said he would update allegations on Valeant on Monday, but told WSJ on Sunday that investors shouldn't "expect anything earth-shattering" in the new report (on.wsj.com/1KRISA2)
** Valeant stock on track for best day since Sept. 30
** Jefferies says Valeant's decision to cut ties with Philidor, accused of helping it inflate revenue, was the "right move" to regain investor confidence
** Still, Jefferies joined Canaccord Genuity and Goldman Sachs in lowering its price target on stock; Goldman also downgraded stock to "neutral" from "buy"
** Of 22 brokerages, 14 have a "buy" or higher rating, 7 have "hold" rating and 1 says "sell"
** Nearly 12 mln shares traded (vs 25-day moving avg of 17.3 mln), 7th most active NYSE-listed stock