May 10, 2017 / 6:11 PM / in 6 months

BUZZ-Valeant Pharmaceuticals: Extends gain for second straight day

** Canadian drugmaker’s U.S.-listed shares up 6 pct at $12.78 after closing down 24 pct on Tuesday

** Rodman & Renshaw analysts say laborious process of turning around Valeant appears well under way, and we look forward to potential further progress in the second half of the year and in 2018

** VRX raised its 2017 earnings forecast and reported its first profit in six quarters on Tuesday, helped by a one-time tax gain

** Rodman & Renshaw noted that ophthalmology arena remains critical for VRX, adding the The Bausch + Lomb division holds substantial market shares in rapidly-growing areas like China and India with respect to contact lenses

** 2 of 20 brokerages rate the stock “buy” or higher, 13 “hold” and 5 “sell” or lower; median PT is $15, down from $20 in Feb

** Up to Tuesday’s close, stock had fallen 17 pct YTD

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