Billionaire investor William Ackman and his hedge fund Pershing Square Capital Management LP have sold their entire stake in the embattled drug company Valeant Pharmaceuticals International Inc.at a $3 billion-plus loss, according to a statement released after the market closed on Monday. Deutsche Bank AG set a $24.00 price target on shares of Valeant Pharmaceuticals Intl and gave the company a "hold" rating in a research note on Sunday, November 20th. The stock has fallen more than 95% since August 2015.
Valeant, which technically is based in Canada but operates from headquarters in Bridgewater, New Jersey, ousted Michael Pearson, the CEO responsible for the price-hiking strategy, early a year ago.
However, his biggest goal of selling the company's gastrointestinal unit Salix to Japan's Takeda was not reached after a disagreement over price, one person said on Tuesday.
Investors expected a price target of 1.21 for this quarter.
Bill Ackman's Valeant chapter is finally coming to a painful close. CIBC Asset Management Inc now owns 489,967 shares of the specialty pharmaceutical company's stock valued at $12,024,000 after buying an additional 179,569 shares during the last quarter. If shares are trading on top of the moving average, the moving average may provide a level of support. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Laurion Capital Management LP raised its stake in shares of Valeant Pharmaceuticals Intl by 0.3% in the second quarter.
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That assumes that the price of the stock that was sold was $11.25 per share, which is the midpoint of the current offering price. That inquiry opened Pandora's box, and a month later Congress began calling for a subpoena of the company's records, which kicked off the stock's slide into the abyss. As of December, the firm owned 18.1 million shares of Valeant and is estimated to have booked a $2.8 billion loss on the shares since then.
That long-term debt burden stood at almost $30 billion at the end of a year ago, and the $2.1 billion earned through the latest sales will barely make a dent in it. The streaming radio specialist said that it would launch an on-demand music streaming service beginning on Wednesday, and investors weren't impressed with the company's strategic decision. During the same period in the prior year, the firm posted $1.55 EPS.
Last month, Valeant reported financial results for the fourth quarter and for the full-year 2016. Here, 1 indicates a Strong Buy and 5 indicates a Strong Sell.
However, the hedge fund made money from companies like General Growth Properties Inc. or Restaurant Brands International Inc (NYSE:QSR).