Valeant 2Q results beat estimates sending stock up

Valeant Pharmaceuticals Intl Inc (NYSE:VRX) updated its third quarter earnings guidance on Thursday.

The price to earnings ratio, or the valuation ratio of a company’s current share price compared to its per-share earnings sits at 81.6973.

The stock has more than doubled in the last 12 months.

Investment analysts at BTIG Research started coverage on shares of Valeant Pharmaceuticals Intl (NYSE:VRX) in a note issued to investors on Monday, TheFlyOnTheWall.com reports. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. The company also raised its full year 2015 Cash EPS forecast to between $11.50 and $11.80. Finally, analysts at Guggenheim reiterated a “buy” rating and set a $300.00 price target on shares of Valeant Pharmaceuticals Intl in a research note on Friday, July 17th. The New York-based fund Pershing Square Capital Management L.P. is also positive about the stock, possessing 1.04M shares or 25.84% of their stock exposure. The higher estimate for the short term price target is at $290 while the lower estimate is at $141. Analysts polled by Thomson Reuters had forecast $2.87 a share in earnings and $2.75 billion in revenue. Also, Director Ronald Harold Farmer acquired 1,000 shares of the stock in a transaction dated Tuesday, June 9th. Valeant Pharmaceuticals Intl has an average rating of “Buy” and a consensus price target of $226.02. Valeant Pharmaceuticals Intl has a 52 week low of $106.00 and a 52 week high of $253.68. The firm raised its price target on shares of Descartes Systems Group Inc from $18.00 to $19.00. During the trading, the value of each share was $239.11, dropping -0.32%. The disclosure for this purchase can be found here. The company now predicts 2015 revenue in the $10.7 billion to $11.1 billion range, up from $10.4 billion to $10.6 billion.

Valeant develops, manufactures and markets pharmaceutical products in areas including dermatology, gastrointestinal disorder, eye health, neurology and branded generics, according to the release.

On a technical level the stock has a 50 Day Moving Average of 231.5950.

Non-adjusted results for the quarter that ended on June 30 showed a loss of US$53 million, or 15 cents a share, compared with US$125.8 million, or 37 cents a share a year ago.

Valeant said last week it would buy Egypt’s largest drugmaker, Amoun Pharmaceutical, for about $800 million, which Pearson said was expected to close by the fourth quarter. In June 2014, Akorn Inc sold its subsidiary, ECR Pharmaceuticals (NYSE:VRX) to Valeant Pharmaceuticals worldwide, Inc. Moreover, Ruane Cunniff & Goldfarb Inc have 32.06% of their stock exposure invested in the company for 34.09M shares.