It’s not often that a Wall Street analyst will set a price target for a big-name stock that represents nearly 300 percent upside. But in a new research note, Rodman & Renshaw’s Raghuram Selvaraju did just that when he set a $90 price target for Valeant Pharmaceuticals Intl Inc VRX 1.02%.

The aggressive Selvaraju price target may be the driving force behind Valeant’s 12.5 percent surge in Wednesday’s session. The target may have also spooked Valeant shorts and triggered a squeeze.

The move also may have been feuled by technical buying at the $20 level.

“In our view, July is shaping up to be a busy month for Valeant, given the potential for three regulatory decisions in the coming weeks,” Selvaraju explains.

First, the FDA advisory committee s set to review Valeant’s BLA for brodalumab on July 19.

Valeant is also expecting an FDA ruling on oral Relistor for opioid-induced constipation on July 19.

Finally, Valeant is expecting…

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