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A hedge fund superstar is still holding loads of Valeant stock

Linette Lopez
Leon Cooperman
Leon Cooperman

(Reuters/ Jeff Zelevansky )

Hedge funds are releasing their third quarter long holdings, and it looks like John Paulson of Paulson & Co. is sticking by the company.

Paulson & Co. sold 110,000 shares of the stock in Q3, but was still holding about 8.9 million shares of the stock worth $1.6 billion as of the end of the quarter.

As of the end of the third quarter, Leon Cooperman's Omega was holding 484,915 Valeant shares worth over $86 million.

Steven Einhorn, vice-chairman at Omega, said on Monday however that the fund had sold out of Valeant in recent weeks.

Valeant Pharmaceuticals' stock has lost over 50% of its value over the last few weeks.

WERBUNG

Revelations of shady dealings by its former partner specialty pharmacy — a pharmacy that distributes products and takes care of insurance billing for big drug companies — and state and federal investigations into the Valeant's drug price increases have sent investors running for the exits.

Valeant shares closed Monday down 2.86%, at a price of $73.29. At the start of the third quarter they were worth around $232, and they closed the quarter at $178.

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