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Actionable news in VRX: VALEANT PHARMACEUTICALS INTERNATIONAL,

Valeant’s stock chart warns not to board the bearish bandwagon

Chart signals suggest Valeant’s largest shareholder, Bill Ackman, may soon ring the bell for the stock’s bottom.

Valeant Pharmaceuticals International Inc.’s stock chart has been flashing some bullish signals, defying the recent bearish actions of some prominent investors and former chief executive.

That might suggest the worst nightmare for Valeant’s investors, which includes billionaire activist investor Bill Ackman’s Pershing Square Capital Management, may have already ended a couple of weeks ago.

The drugmaker VRX, +6.48% said Thursday that J. Michael Pearson, who was replaced as CEO by Joseph Papa earlier this year, had sold 411,000 common shares of Valeant and exercised and sold options representing 4.4 million shares in June and July.

Short-seller Andrew Left, who helped shed light on Valeant’s troubles last year, told The Street on Wednesday that he made a new bearish bet on Valeant’s stock.

And Tuesday, Sequoia Fund...


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