Bausch Health Companies Inc. (NYSE:BHC) Sees Significant Growth in Short Interest

Posted by on Jun 1st, 2022

Bausch Health Companies Inc. (NYSE:BHC – Get Rating) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 18,090,000 shares, an increase of 24.2% from the April 30th total of 14,570,000 shares. Based on an average daily volume of 6,280,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 5.2% of the company’s shares are sold short.

A number of research firms recently commented on BHC. TheStreet lowered shares of Bausch Health Companies from a “c-” rating to a “d+” rating in a research note on Monday, March 28th. BMO Capital Markets decreased their target price on shares of Bausch Health Companies from $26.00 to $15.00 in a research note on Wednesday, May 11th. Piper Sandler decreased their target price on shares of Bausch Health Companies from $27.00 to $7.00 in a research note on Thursday, May 26th. Royal Bank of Canada decreased their target price on shares of Bausch Health Companies from $21.00 to $17.00 and set an “outperform” rating for the company in a research note on Sunday, May 15th. Finally, Bank of America decreased their target price on shares of Bausch Health Companies from $25.00 to $12.00 in a research note on Wednesday, May 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.50.

Shares of BHC stock traded down $0.05 on Wednesday, hitting $9.67. The company’s stock had a trading volume of 461,740 shares, compared to its average volume of 11,335,781. Bausch Health Companies has a fifty-two week low of $7.80 and a fifty-two week high of $32.54. The firm’s fifty day moving average price is $17.73 and its 200-day moving average price is $22.50. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of -8.53, a P/E/G ratio of 0.22 and a beta of 1.62.

Bausch Health Companies (NYSE:BHC – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.31). Bausch Health Companies had a negative net margin of 4.89% and a negative return on equity of 649.29%. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $2.06 billion. As a group, equities analysts predict that Bausch Health Companies will post 4.06 EPS for the current fiscal year.

In related news, insider Joseph F. Gordon sold 3,889 shares of the firm’s stock in a transaction that occurred on Tuesday, March 8th. The shares were sold at an average price of $21.76, for a total transaction of $84,624.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Spurr sold 4,846 shares of Bausch Health Companies stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $22.20, for a total transaction of $107,581.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,330 shares of company stock worth $227,599. Corporate insiders own 13.75% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Trexquant Investment LP bought a new position in Bausch Health Companies in the 3rd quarter worth $1,255,000. Guardian Capital Advisors LP increased its holdings in shares of Bausch Health Companies by 154.6% during the 4th quarter. Guardian Capital Advisors LP now owns 36,650 shares of the company’s stock worth $992,000 after purchasing an additional 22,255 shares during the period. National Bank of Canada FI bought a new position in shares of Bausch Health Companies during the 4th quarter worth about $4,525,000. Fifth Third Bancorp increased its holdings in shares of Bausch Health Companies by 296.0% during the 4th quarter. Fifth Third Bancorp now owns 4,348 shares of the company’s stock worth $120,000 after purchasing an additional 3,250 shares during the period. Finally, Bridgewater Associates LP increased its holdings in shares of Bausch Health Companies by 69.3% during the 4th quarter. Bridgewater Associates LP now owns 145,245 shares of the company’s stock worth $4,018,000 after purchasing an additional 59,478 shares during the period. Hedge funds and other institutional investors own 73.38% of the company’s stock.

Bausch Health Companies Company Profile (Get Rating)

Bausch Health Companies Inc, together with its subsidiaries, develops, manufactures, and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products primarily in the therapeutic areas of eye health, gastroenterology, and dermatology. The company operates through five segments: Bausch + Lomb, Salix, International Rx, Ortho Dermatologics, and Diversified Products.

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