Bausch Health Companies (TSE:BHC) Shares Climb 24.6% – Here’s Why

Bausch Health Companies Inc. (TSE:BHC)’s stock price shot up 24.6% during mid-day trading on Thursday. The company traded as high as C$12.09 and last traded at C$12.05. 1,815,131 shares were traded during trading, an increase of 234% from the average daily volume of 544,187 shares. The stock had previously closed at C$9.67.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group upgraded shares of Bausch Health Companies to a “hold” rating in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Bausch Health Companies Stock Performance

The company has a quick ratio of 0.58, a current ratio of 1.56 and a debt-to-equity ratio of -1,559.86. The stock has a 50 day simple moving average of C$8.75 and a 200 day simple moving average of C$7.95. The company has a market capitalization of C$4.29 billion, a price-to-earnings ratio of -5.08, a P/E/G ratio of 0.21 and a beta of 0.82.

Bausch Health Companies (TSE:BHC) last announced its earnings results on Wednesday, October 28th. The company reported C$2.52 EPS for the quarter. The firm had revenue of C$4.19 billion for the quarter. Bausch Health Companies had a positive return on equity of 57.67% and a negative net margin of 7.43%. As a group, analysts anticipate that Bausch Health Companies Inc. will post 5.55 earnings per share for the current fiscal year.

Bausch Health Companies announced that its Board of Directors has initiated a stock buyback plan on Wednesday, October 28th that allows the company to buy back C$70 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.9% of its stock through open market purchases. Share repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Bausch Health Companies Company Profile

Bausch Health Companies Inc (NYSE:BHC)(TSX:BHC) is a global diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors.