Biotech Stocks Catching Fire: Valeant Pharmaceuticals (VRX)
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) shares are testing above their 50-day moving average for the first time since September, potentially marking the end of a six-month downtrend.
The Canadian-based drugmaker is on the move after announcing two divestures to repay its senior credit facility and provided Phase 3 study results for its psoriasis treatment IDP-118. The sale includes its remaining equity stake in Dendreon Pharmaceuticals.
Valeant will next report results on March 13 before the bell. Analysts are looking for earnings of $1.21 per share on revenues of $2.34 billion.