Valeant Shares Jump as Short Thesis 'Debunked'

Shares of the Valeant Pharmaceuticals (VRX) were up more than 7% during midday trading Monday, after a bearish analyst said her "short thesis has been debunked." Mizuho's Irina Koffler upgraded the stock's rating to neutral from underperform and increased its price target to $25 from $11, based on an "optimistic sum-of-the-parts" analysis. In a research note Monday, Koffler said that there is now a lower likelihood of a stock collapse from another guidance miss. The stock has lost about 74% year to date. The stock closed up 6.7% at $26.59.