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Valeant Catches the Eye of Investors After 97% Plummet

  • Dimensional Fund tripled Valeant stake in third quarter
  • Drugmaker, once a hedge-fund darling, draws bargain shoppers
Valeant headquarters stands in Bridgewater Township, New Jersey.

Valeant headquarters stands in Bridgewater Township, New Jersey.

Photographer: Michael Nagle/Bloomberg

Two years ago, Valeant Pharmaceuticals International Inc. shares plunged off a cliff. Now, some investors are starting to pick them up and dust them off.

Smart-beta pioneer Dimensional Fund Advisors LP more than tripled its stake in the beleaguered pharmaceutical company during the third quarter. The bulk of that buying was done for the firm’s value portfolios.