Bausch Health(BHC) Shares Plunge 12.95% After RBC Downgrade

Bausch Health(BHC) shares plummeted 12.95%, hitting their lowest level since July 2024, with an intraday decline of 15.34%.

The Royal Bank of Canada recently adjusted its target price for Bausch Health Companies, reducing it from $9.00 to $8.50 and assigning a "sector perform" rating. This downgrade has the potential to influence investor sentiment and impact stock prices negatively.

On a more positive note, Bausch Health has entered into a letter of intent with the pan-Canadian Pharmaceutical Alliance. This agreement aims to secure Canadian public drug plan coverage for CABTREO, a new acne treatment. The potential for increased future revenues and improved investor perception could offset some of the negative sentiment caused by the Royal Bank of Canada's downgrade.