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Valeant Pharmaceuticals (VRX) Stock Rebounds Ahead of Conference Call

NEW YORK (TheStreet) -- Valeant Pharmaceuticals (VRX - Get Report) stock is gaining 8.57% to $119.66 on heavy volume in midday trading on Friday, ahead of a conference call on Monday during which the company will "address and refute" this week's allegations by Citron Research.

About 14 million shares of Valeant have been traded so far today, well above the company's average trading volume of roughly 10.91 million shares a day.

On Wednesday, Citron Research released a report alleging that Valeant has a network of "phantom" pharmacies that it uses to falsely boost sales and avoid auditor scrutiny.

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Citron's report intensified scrutiny of the company, which was already the subject of a separate investigation by the New York Times on Monday detailing the way in which the company vastly inflates drugs' prices.

The stock collapsed following Citron's allegations on Wednesday, down as much as 40%, to an intraday low of $88.50 on record volume, Reuters reported.

Valeant released a statement denying the accusations, and will likely detail...