The Not-So-Subtle Reason Behind Valeant' 30% Rise In May
What happened
Shares of Valeant Pharmaceuticals (NYSE:VRX), an embattled drugmaker known for growing by acquisition and raising prices on mature therapies, exploded 30% higher in May, according to data from S&P Global Market Intelligence. The reason for the surge in Valeant's share price can be traced to its better-than-expected first-quarter earnings release on May 9.
Shares of Valeant Pharmaceuticals (NYSE:VRX), an embattled drugmaker known for growing by acquisition and raising prices on mature therapies, exploded 30% higher in May, according to data from S&P Global Market Intelligence. The reason for the surge in Valeant's share price can be traced to its better-than-expected first-quarter earnings release on May 9.