Valeant (NYSE: VRX) stock tanked 7% to $102.95 Friday.
Shares sank after the company said it is ending its relationship with Philidor RX, a pharmacy used to boost sales of some of Valeant's pricey drugs.
Here why the VRX stock price has further to fall....
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A lot of folks - especially individual investors - don't like to bet on stocks that are going down. That's understandable. It doesn't feel as good to bet against something.
But it would be prudent for investors to hedge their gains of the last five years; trees don't grow to the sky, especially when their roots are rotting.
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Biotech ETFs have been the focus of many investors this week after Valeant Pharmaceuticals Intl. Inc. (NYSE: VRX) shares dropped more than 46% last week.
One biotech ETF with Valeant as a holding slumped 8.4% in the past three months, as VRX stock continues to fall.
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The Valeant Pharmaceuticals Intl. Inc. (NYSE: VRX) stock price dropped another 9% to $106.03 Monday morning. The drop happened as "pharma's Enron" tried to calm investors with an analyst conference that defended the firm's business and dealings.
The Valeant stock price is now down more than 56% since early August.
And the troubles are far from over for VRX stock....
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Here are this week's need-to-know facts about the stock market, economy, Wall Street, and life-changing global events...
It's the numbers that count in this crazy world. They can tell stories that words sometimes can't.
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The Valeant stock drop has now reached nearly 46% this week. Today (Thursday), Valeant Pharmaceuticals Intl. Inc. (NYSE: VRX) stock is down another 20% as shares trade near $95.
The worst Valeant stock drop happened Wednesday when shares fell 40% intraday amid a scathing report from Citron Research. VRX stock ended Wednesday's session down 19%.
Here's what caused the sell-off and why Valeant shares may have further to fall...
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On October 4, I singled out Valeant Pharmaceuticals as a deeply troubled company, one that was emblematic of just about everything that's corrupt and toxic in today's markets.
The hedge funds loved Valeant thanks to its practice of buying other drug companies using junk bond financing, firing most of their employees - and then sharply hiking the prices of the drugs to which they'd just acquired the rights.
That's an ugly business model. It came into sharp focus in September when Turing Pharmaceuticals' Martin Shkreli bragged about hiking the price of a vital drug essentially just because he could, bringing a ton of bricks in public and political wrath down on the industry's collective head.
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Last week, I called out drug company Valeant Pharmaceuticals (NYSE: VRX) as a bad investment and a stock that's going down. I also told you the company's strategy was about to backfire.
That happened faster than even I expected. The Valeant stock price has already sunk 30%.
And now, after execs announced a change in strategy, shares are poised to fall even farther...
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Valeant Pharmaceuticals Stock (NYSE: VRX) is up 5% today (Friday) to $178.49 as the pharmaceutical stock continues its week of extreme volatility.
But even with today's gain, VRX stock has dropped 24% in the last month.
Here's why this pharmaceutical stock continues to tank...
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Every once in a while, a single company combines virtually all of the market's most toxic forces.
Today I feel it's my job to expose Valeant Pharmaceuticals International Inc. (NYSE: VRX). for such a company and for the bad investment it is.
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Valeant Pharmaceuticals International Inc. (NYSE: VRX) confirmed its $1 billion acquisition of Sprout Pharmaceuticals Inc. today (Thursday).
Money Morning Defense & Tech Specialist Michael A. Robinson has been following this M&A trend since 2014. He knew the world's top pharmaceutical companies would continue their M&A binge, and he recommended an investment to play that wave.
Robinson's pick has already climbed 13% this year and still has plenty of room to run...
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Valeant Pharmaceuticals International Inc. (NYSE: VRX) and activist investor Bill Ackman announced an unsolicited takeover proposal of Botox maker Allergan Inc. (NYSE: AGN) for $47 billion on Tuesday.
According to Money Morning's Capital Wave Strategist Shah Gilani, that move signals the beginning of a M&A wave that is set to hit the market.
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News that activist investor Bill Ackman has teamed up with Valeant Pharmaceuticals International Inc. (NYSE: VRX) to take over Allergan Inc. (NYSE: AGN) sent shares of both companies soaring today.
Allergan shares surged some 17% to a 52-week high of $165.39 intraday. Meanwhile, Valeant shares jumped more than 7% to $134.42.
Here's what's behind the titanic $45.7 billion takeover bid, and what it means to investors...
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