Valeant Shares In Freefall, Approaching 5-Year Low
Valeant Pharmaceuticals Intl Inc (NYSE: VRX) shares are trading lower by $31.04 at $38 in Tuesday's session. In addition to a Q4 miss of $0.11, much lower FY 2016 EPS revenue outlook and lower-than-projected sales for Addyl, the company had to issue a correction related to its next four quarters adjusted EBITDA guidance, reducing it to $6 billion from earlier report of $6.2-$6.4 billion.
The beatdown from the pre-market session has continued into the regular session. After a sharply lower open, it managed only a $0.40 bounce to $53.90 before continuing its move lower. The update on the FY 2017 induced another wave of selling that has pushed the issue under $40 and continues to make lows for the session.
It is now approaching its November 2011 low of $37.36.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.