BUZZ-Valeant Pharmaceuticals: Biggest intraday pct gain in more than a month

Fri Jul 1, 2016 11:02am EDT
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** Canadian drugmaker's U.S.-listed shares up 7 pct at $21.60 - biggest intraday pct gain in more than a month

** AstraZeneca Plc terminated its licensing deal with Valeant on its experimental psoriasis drug, brodalumab, and sold the rights to that drug in Europe to LEO Pharma

** Despite current headwinds in a number of its franchises, Valeant's investments in Bausch+Lomb (B+L) appear to be positioning the company for a stronger presence in the lens market - Stifel analysts

** 2016 Contact Lens Survey conducted by Stifel indicates that B+L lines will become important components of the U.S. contact lens market despite new competitor entrants

** Stifel has a PT of $55 with a "buy" rating

** 5 of 20 brokerages rate the stock "buy" or higher, 10 "hold" and 5 "sell" or lower; median PT $33.50

** Up to Thursday's close, stock had fallen 80 pct in the first 6 months of the year