U.S.-listed shares of Valeant Pharmaceuticals International Inc slumped around 13 percent on Monday, the next consecutive day’s steep declines, eliminating greater than $6 billion in market price since Thursday’s close.
The embattled company’s shares closed down 9.7 percent on Friday, after Wells Fargo started coverage round the Canadian drugmaker using a “underperform” rating.
“We believe the Valeant board and management decide that may have put Valeant at significant business and reputational risk,” Wells Fargo analyst David Maris wrote.
Here’s Valeant’s stock chart in the last Three days.
Valeant was pummeled late a year ago when questions regarding its business and accounting practices spooked investors, while using stock ending 2015 down about Seventy percent within the August high of $263.81. The stock had fallen 16 percent this season to Friday’s close.
Meanwhile, Southern Investigative Reporting Foundation said on Monday that Valeant’s interim CEO Howard Schiller used the company’s jet 3 times previously month together with his family and friends with a small regional airport in Montrose, Colorado near his Telluride ski-house.
Valeant’s options were busy on Monday with 39,000 contracts traded by 1:00 PM ET, at nearly twice the conventional pace, and trading seemed to be a mixture of bullish and bearish bets, based on options analytics firm Trade Alert.
The stock’s 30-day implied volatility, a gauge in the possibility of a big relocate the shares, is incorporated in the 98th percentile in the selection of readings over the past 52 weeks.
Valeant hasn’t yet announced to begin dating ? to create earnings for your year ended Dec. 31.
The company’s Toronto-listed shares were down 14.4 percent at $100.08.
? Thomson Reuters 2016
