Why Valeant Pharmaceuticals (VRX) Stock Is Up

NEW YORK (TheStreet) -- Shares of Valeant Pharmaceuticals Intl Inc. (VRX) are up 1.96% to $133.39 as it prepares to raise its offer for Allergan (AGN) on May 28.

It needs to hit the range of $180 to $200 per share, according to a JPMorgan (JPM) survey of investors, Reuters reports.

In the JPMorgan survey of 123 buyside investors between May 16 and May 20, about 60% of respondents indicated Valeant would need to offer in the $181-$200 range for Allergan to be acquired, according to a research note today. 

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About two-thirds of those surveyed believed Valeant's offer will be successful.

Shares of Allergan are up 1.42% to $166.22

TheStreet Ratings team rates VALEANT PHARMACEUTICALS INTL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate VALEANT PHARMACEUTICALS INTL (VRX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."

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