Valeant's Stock Closing In On Biggest-ever Gain In Its 22-year Public History

By Tomi KilgoreMarketsMarketWatch Pulse

Valeant Pharmaceuticals International Inc.'s stock shot up 24.86% in the final stretch of Tuesday's trading session, putting it on track to break the record for its biggest one-day gain in the drugmaker's 22-year public history. The shares' second-biggest percentage gain so far was the 23.59% jump on Sept. 9, 2005. The shares went public on March 29, 1994. Ahead of Tuesday's open, Valeant reported second-quarter results that missed expectations, but the company didn't lower its full-year outlook for a change, and indicated it would be going in a new strategic direction. Volume reached 100 million shares with 15 minutes left in the session, more than four times the full-day average, and enough to make the stock the most active trading on U.S. exchanges. The stock has still tumbled 72% year to date, while the SPDR Health Care Select Sector ETF has gained 3.8% and the S&P 500 has climbed 6.7%.

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