Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $12.76 at $79.22 in Thursday's session. Bill Ackman's support for the company and its CEO has done nothing to stem the bloodbath in the issue. Since reaching $263.81 in August, the issue has tumbled 234 percent and there does not appear to be a bottom in site.
Above a flat open, the issue found resistance just above Wednesday's close ($91.98) reaching $92.13 before the slaughter began. The ensuing decline has taken the issue to $73.32 before staging a rebound. That marks the lowest level for the issue since it bottomed in May 2013 at $71.99.
See Also: Bill Ackman To Valeant's CEO: Your Reputation Is At Grave Risk
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Do you like this article? Do you have suggestions for improvement? Please email feedback@benzinga.com.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
