Shares of Valeant Pharmaceuticals popped 4.4 percent Monday after short-seller Andrew Left said he was long the stock.
Left, executive editor of Citron Research, confirmed to CNBC that while he has out-of-the-money puts on the stock, he is long the embattled pharmaceutical company. The position means that Left could potentially make some money on the trade whether the stock rises or falls.
It's a dramatic about-face for Left, who in October sent the stock sliding after he likened it to Enron.
[Programming note: Left will be on CNBC's "Fast Money: Halftime Report," Tuesday in an exclusive interview.]