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Valeant shares rise after big CEO stock purchase

Shares of Valeant Pharmaceuticals rose about 1.5 percent Monday morning on the heels of CEO Joseph Papa buying a large amount of the company’s stock.

The company’s U.S.-listed shares ended the day down 1.5 percent.

The embattled pharmaceutical firm released a Securities and Exchange Commission filing showing Papa bought 202,000 Valeant shares for an average price of $24.48.

Papa took over Valeant on April 25.

Entering Monday’s session, Valeant’s stock was down more than 75 percent year to date and nearly 90 percent over the past 12 months.

VRX 12-month chartSource: FactSet

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