But Nachman cut his price target on Valeant stock to 15 from 19.
On Tuesday, the Canadian company's US listed shares dropped 10 percent to $10.50, their lowest since May 2009, and a fraction of the near $190 a share Ackman's Pershing Square Capital Management paid for them in early 2015.
The New York City private equity firm, which had been a business partner with Valeant in its failed hostile bid for drugmaker Allergan, announced the sale Monday after markets closed.
Several hedge funds and other institutional investors have recently bought and sold shares of VRX.
Advertisment Stocks in Toronto lost ground on Tuesday as falling oil prices weighed on the country's substantial oil and gas sector and Valeant Pharmaceuticals International stock plunged on the exit of an activist investor.
And with a $2.8 billion loss, investor Bill Ackman is done with Valeant Pharmaceuticals (VRX). Davis Selected Advisers raised its stake in shares of Valeant Pharmaceuticals Intl by 0.9% in the second quarter.
The consensus recommendation, according to Zacks Investment research, is 3.14.
In after-hours trading Monday, it dropped nearly 10 percent further to $10.91. The analysts' ratings include three Buy, one Overweight, 14 Hold, one Underweight, and three Sell.
Valeant's first bit of trouble came in August 2015 when Senator Bernie Sanders and Congressman Elijah Cummings requested information on why the company had raised the prices of two commonly used heart drugs.
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We were surprised that Pershing Square, VRX's largest shareholder, chose to sell its entire investment (27.2mm shares, ~8%) at this time. The stock's 52-week high is $53.90. Tocqueville Asset Management L.P. boosted its position in Valeant Pharmaceuticals Intl by 9.9% in the third quarter. Tightening the gaze, stock performance for the last 5 trading days is -2.42%.
Pershing Square also invests with General Growth Properties Inc. and Restaurant Brands International Inc.
In 2016, the company reported adjusted earnings of US$5.47 per share, or a loss of US$6.94 on a GAAP basis.
Last April, Ackman testified before a Senate committee about Valeant's much-maligned strategy of buying niche drugs and raising their prices by as much as 3,000 per cent.
Death Cross Alert: The 50 day moving average is now below the 200 day moving average.
Based in Canada, Valeant is a pharmaceutical and medical device company, having a market cap of over $4 billion. It has been accused of price-gouging and accounting fraud, and saw two of its former executives arrested late past year.
These analysts also forecasted Growth Estimates for the Current Quarter for VRX to be -28.3%. The business's revenue for the quarter was down 12.9% on a year-over-year basis.
Its sales stood at 1.20% a year on average in the period of last five years.