Valeant Dives To 8-Year Low After Ackman 'Throws In The Towel'

Valeant Pharmaceuticals (VRX) shares plunged to an eight-year low Tuesday after William Ackman, the last big holdout on the beleaguered stock, sold Pershing Square's entire stake.

BMO analyst Gary Nachman called the sale an "untimely poor signal" for Valeant shares. Ackman's Pershing Square fund held 8% of Valeant, or about 27.2 million shares. At one time, 22 hedge funds owned a piece of Valeant. In 2015, they left in droves amid a price gouging controversy, Bloomberg wrote.

Ackman,...

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