Valeant Shares Halted Monday Ahead of News Announcementby
Valeant Pharmaceuticals International Inc. shares were halted Monday morning in early trading, pending an announcement from the company, the New York Stock Exchange said.
The stock fell 61 percent last week after the drugmaker cut its 2016 forecast, reported weak fourth-quarter results and said it was at risk of breaching some of its debt agreements. Before trading was halted, Valeant shares were down 4.5 percent to $25.77 at 8:14 a.m. in New York.
Analysts have cut their price targets on the stock, after months of bad news including investigations, criticism of the drugmaker’s prices and business practices, and the hospitalization of the company’s chief executive officer.