Saturday, 18 November, 2017

Valeant Stake Held by Bill Ackman Sold At Huge Loss

Valeant Pharmaceuticals Intl Inc Valeant Pharmaceuticals Intl Inc
Juana Turner | 15 March, 2017, 01:09

Shares of Valeant fell more than eight per cent at US$11.10 in after-hours trading on the New York Stock Exchange. The fund lost more than 90 percent of its investment and almost $3 billion just on the shares it owned at the end of 2016.

Pershing said in a statement that the funds the firm had invested in Valeant represented "1.5% to 3% of the various Pershing Square funds; however, the investment required a disproportionately large amount of time and resources", CNBC reported. He chose to give up on Valeant, a favorite among hedge-fund types before probes into its business practices, accounting and drug pricing caused a collapse in the shares, after a lengthy campaign to turn around the company and salvage his investment. The current share price indicate that stock is -82.81% away from its one year high and is moving 6.60% ahead of its 52-week low. However, with the embattled drugmaker struggling to shift to a more traditional business model, remaining shareholders are left to wonder what alternatives the company is still capable of pursuing. US Bancorp DE now owns 5,745 shares of the specialty pharmaceutical company's stock worth $141,000 after buying an additional 3,361 shares during the last quarter.

The founder of hedge fund Pershing Square on Monday sold his investment in the company and will step down from the board.

The move announced Monday comes after Valeant's latest disappointing financial results and forecast led a number of analysts to downgrade their recommendations and stock-price targets on the one-time Wall Street darling. Subsequently, BMO cut VRX's price target to $15 from $19.

The headquarters of Valeant Pharmaceuticals International Laval, Quebec.

The average price paid by Pershing Square for Valeant Pharmaceuticals is about $166 a share. Pershing Square sold its 18.1 million shares at about $11.25 a share, according to a report in Bloomberg.

Additionally, Valeant Pharmaceuticals has started looking to asset sales as a way to relieve its debt burden, and Valeant Pharmaceuticals had told that the company could sell about $8 billion in non-core assets.

At one point, Ackman owned about 10 percent of Valeant. In this article, we will talk about three hedge funds that still love Valeant as well as discuss the performance of the company.

Valeant Pharmaceuticals buys eye surgery product maker Synergetics USA for $192 million.

Many analysts have provided their estimated foresights on Valeant Pharmaceuticals International, Inc. It's hard to say what the dalliance with Valeant, which fired its CEO after fighting Ackman's addition to the board as secrets of its business model were unveiled, has cost the activist.


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