Published: Wed, March 15, 2017
Markets | By Terence Owen

Valeant Stock Slides to Lowest Point Since 2009 After Ackman's Exit

Valeant Stock Slides to Lowest Point Since 2009 After Ackman's Exit

The fall represented a new low for the drugmaker, which makes various pharmaceutical drugs and owns the contact lens maker Bausch & Lomb.

The company's unsecured notes fell by as many as 2.25 points.

Hedge fund manager Bill Ackman has sold his entire stake in Valeant Pharmaceuticals International, Inc. Since the open, shares have moved 0.09% after recently hitting the $10.71 mark.

It isn't clear when Pershing Square sold its 8% stake, which would be worth about $330 million at today's prices. As well as to realize a large tax loss which will enable to dedicate more time to out he other portfolio companies and new investment opportunities. The company itself pays Google to make sure you see Ackman's involvement in the anti-Herbalife movie.

The Relative Volume of the company is 1.21 and Average Volume (3 months) is 17.12 million.

Former Valeant executive Gary Tanner is arrested and charged with running a fraud-and-kickback scheme. Royal Bank of Canada cut their price target on shares of Valeant Pharmaceuticals Intl to $21.00 in a research report on Wednesday, March 1st. The stock was trading north of $250 a share during mid-2015. The company rocked its 52-Week High of $70.43 on Mar 14, 2016 and touched its 52-Week Low of $11.36 on Mar 7, 2017. The shares have plunged more than 90 percent from their peak.

Ackman first bought Valeant as a passive investment, saying he was happy with management. By reviewing stock prices from the stock market history of the company and examining its analysts ratings can give an investment picture with updated information of stock which helps investors to make investing decision.

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USA lawmakers accuse Valeant of gouging patients during a congressional committee. Less than two years ago, Valeant appeared to be on top of the world. It became one of Valeant's biggest investors in 2015.

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Last April, Ackman testified before a Senate committee about Valeant's much-maligned strategy of buying niche drugs and raising their prices by as much as 3,000 per cent.

Ackman played a critical role in trying to push management to sell assets, according to an analyst and three people familiar with his actions.

Valeant Pharmaceuticals International, Inc. closed its last trading session at $11.57 with the gain of 5.79%. Ackman later called Valeant-the worst-performing stock he says he ever owned-a "very big mistake". Laurion Capital Management LP raised its stake in shares of Valeant Pharmaceuticals Intl by 0.3% in the second quarter.

Pershing Square CEO Bill Ackman and vice-chairman Steve Fraidin will remain on the board of the Laval-based company until their replacements are elected at the May 2 annual meeting.

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