BUZZ-Valeant Pharmaceuticals: Set to sink further after worst day ever

Wed Mar 16, 2016 7:24am EDT
 
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** Beleaguered Canadian drugmaker's U.S.-listed shares down 6.3 pct at $31.39 premarket after closing down about 52 pct on Tuesday

** Slew of rating and PT cuts after Valeant slashed 2016 guidance and said a delay in filing its annual report put it in danger of a default on its $30 bln debt

** CIBC cuts to "sector underperformer" from "sector performer", Nomura to "neutral" from "buy"

** Jefferies hacks PT to $53 from $106, Nomura to $60 from $175, Canaccord Genuity to $40 from $75, RBC Capital Markets to $69 from $85

** "We do not expect Valeant shares to outperform the market near term, as we have lost confidence in management's ability to understand its own business and to provide reliable guidance," Nomura analysts write

** 9 of 21 brokerages rate stock "buy" or higher, 8 "hold" and 4 "sell" or lower; Median PT $110, down from $155 two months ago. Only 1 analyst had sell rating a month ago.

** Up to Tuesday's close, stock had fallen 87 pct since touching record high $263.81 in early August

** Graphic on Valeant share performance history (tmsnrt.rs/1UdPNgW)