Piper Jaffray analyst David Amsellem stays bullish on shares of Bausch Health Companies after taking a closer look at volume trends for key new additions to the company's portfolio, such as Trulance and Bryhali. The trajectories on the whole are favorable through May, Amsellem tells investors in a research note. The analyst believes Bausch "continues to stand apart from the group of highly levered companies in the broader specialty pharma/generics space." This is due to the company's high visibility into "meaningful" longer-term EBITDA growth, says Amsellem, who keeps an Overweight rating on the shares with a $29 price target.

Bearish flow noted in Bausch Health with 3,560 puts trading, or 1.6x expected. Most active are Jun-25 7 puts and Jul-24 8 puts, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 2.60, while ATM IV is up over 1 point on the day. Earnings are expected on May 2nd.