Analysts at Deutsche Bank AG initiated coverage on Valeant Pharmaceuticals International Inc. (NYSE: VRX) stock, starting the company at Hold.With a rating of Hold on the shares, the company has a 52-week high of $225.54. A number of other analysts have spoken on the company in recent days, and the company has earned a consensus one-year price target of $44.39, above the opening price of $27.17. Price changes targets are not uncommon as analysts and brokerage firms will issue periodic updates after beginning or initiating coverage.
U.S. stocks on Monday closed mostly flat, after trading firmly higher, in a volatile session ahead of the start of a pair of closely watched central-bank policy meetings.
The Dow Jones Industrial Average DJIA, -0.02% closed down 3.63 points at 18,120.17.
The blue-chip index had been up by as much as 131 points earlier and traded within a 162-point range.
The S&P 500 SPX, +0.00% slipped 0.04 points to close at 2,139.12, after trading within an 18-point range
Meanwhile, the Nasdaq Composite Index COMP, -0.18% declined 9.54 points, or 0.2%, to close at 5,235.03.
Earlier, the index had been up by as many as 37 points and traded with a 58-point range
Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) opened at $27.17 yesterday trading between $26.61 and $27.23, and last traded at $26.63, which is a dip of $0.47 from the previous closing price.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) now has a market cap of 9.25B.
3,991,993 shares crossed the trading desk yesterday, 28 percent below the norm, out of a total float 301,865,000. Swing traders often use increases in trading volume to determine heavy volume accumulation or circulation by institutional investors, so trading volume is likely to increase in the next few days.
However, one day of high volume buy side trading is not enough to affirm a trend. So market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts that research thousands of stocks, so it is good corroboration to see them buying a stock you’re considering.
Traders can make well planned trades when they track the activity of professional investors.
Trades for Valeant Pharmaceuticals International Inc. (NYSE: VRX) have ranged from $18.55 – 225.5400, and the stock now has a 50-day MA of $27.50 and 200-day MA of $29.38. Today’s last price is 0.88% below the 52 week high of $225.54.
Earnings growth is an important factor to look at when buying stocks and investors seek companies that have increased their earnings at least 25% or more for the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.