Morning Commentary: Horizon Pharma lower again; valuations steady; Proofpoint sees better buyers

By Rebecca Melvin

New York, Oct. 22 – U.S. convertibles players early Thursday were continuing to monitor the situation with Valeant Pharmaceuticals International Inc., which has been fending off allegations of fraud related to its specialty pharmacies.

Valeant shares were sharply lower again Thursday as were the shares of Horizon Pharma plc.

Horizon’s 2.25% convertibles were down at 81 versus an underlying share price of $13.31, a New York-based trader said.

Overall valuations were mostly steady with better buyers of certain names, including Proofpoint Inc., a second New York-based trader said.

Proofpoint reported a third-quarter loss, but, excluding one-time items, earnings were better than expected. It also beat on revenue, but it guided fourth-quarter earnings below consensus estimates while fourth-quarter revenue was expected to come in above consensus.

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