Two hedge fund superstars are still holding loads of Valeant stock

Hedge funds are releasing their third quarter long holdings, and at least two big names are holding a bunch of Valeant Pharmaceutical stock — Leon Cooperman of Omega Advisors and John Paulson of Paulson & Co.

As of the end of the third quarter, Omega was holding 484,915 Valeant shares worth over $US86 million.

Paulson & Co. sold 110,000 shares of the stock in Q3, but is still holding about 8.9 million shares of the stock worth $US1.6 billion.

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

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 $US73.29. At the start of the third quarter they were worth around $US232, they closed the quarter at $US178.

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