Published: Wed, March 15, 2017
Markets | By Lucia Cruz

Valeant slumps as longtime backer Ackman exits with a loss

Valeant slumps as longtime backer Ackman exits with a loss

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.

In after-hours trading Monday, it dropped nearly 10 percent further to $10.91. But regulatory scrutiny and other concerns caused the stock price to sharply tumble after August 2015.The stock has fallen 16 percent since January even as many other stocks have been buoyed by hopes of stronger economic growth and increased merger activity. Once Valeant's largest shareholder, the stock made up almost 3% of Pershing's funds. While the actual EPS the company reported in the same quarter previous year was 1.27/share.

This Company belongs to Medical sector. This showed the surprise of 4.1% in the last quarter earnings.

"The hits just keep comin' for Valeant", Gimme Credit LLC bond analyst Vicki Bryan, who advises selling the bonds, said in a note to clients.

We were surprised that Pershing Square, VRX's largest shareholder, chose to sell its entire investment (27.2mm shares, ~8%) at this time.

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Another important metric used by institutional and retail investors alike, is the analyst price target on a stock. In the deal, Valeant is taking out new loans maturing after 2022 to repay loans that come due before 2022, rolling over the debt and giving the company more time to raise cash. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.34 billion. The fund's current holdings include burrito chain Chipotle Mexican Grill Inc., food group Mondelez International Inc., and industrial gas supplier Air Products & Chemicals Inc. The company reached a 52-week low at 11.36 on Mar 7, 2017.

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. EPS growth in past five years was 12.66% while EPS growth in next five years is projected to arrive at 12.95%.

While Looking at Sales Growth (Year/est), the company is now showing a percentage value of -28.9 percent. Ross bought 5,000 shares of the company's stock in a transaction on Wednesday, December 14th.

Gold prices were steady, while copper prices declined 0.9 per cent to $5,743 a tonne. Recently, the stock has been recorded at -24.7530% off of the 50 day moving average of $14.2997. In October 2015, short-seller Andrew Left of Citron Research alleged Valeant and Philidor, a mail-order pharmacy and one of its customers, had engaged in a secret relationship to improperly hike revenues.

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