Valeant is getting hammered, again

The embattled Canadian drug company Valeant Pharmaceuticals is getting hammered again.

Valeant's stock fell below $30 on Thursday, hitting a 52-week low of $29.88. Valeant's share price was last trading down $3.15, or 9.39%, at $30.39 a share.

It has been a horrible week for the company.

Valeant tanked more than 51% on Tuesday after the company reported fourth-quarter earnings results that fell below analysts expectations and cut its revenue forecast for the year by about $1.5 billion, or 12%. The company has also delayed filing its 10-K.

The lowered guidance adds to a tough run for Valeant, which has been sliding since late 2015 because of accusations from a short seller and scrutiny in Washington, D.C., over drug-price increases. Just last month, the company confirmed that it was part of several ongoing investigations.

Numerous hedge funds are large shareholders of the stock. They have suffered massive losses, at least on paper, on their positions.

Activist investor Bill Ackman, the founder of the $12 billion Pershing Square Capital, is the largest hedge fund shareholder of Valeant. He has lost (on paper) more than $1 billion on his position this week alone. He has lost an estimated more than $2.5 billion since buying the stock in the first quarter of 2015. He is also having the worst year in his fund's history.

Pershing Square last week added its vice chairman, former mergers and acquisitions attorney Steve Fraidin, to Valeant's board. In an email to investors, Ackman pledged to take a "more proactive role at the company to protect and maximize the value of our investment."

Valeant's shares have tumbled more than 70% this year.

Here's this week's chart: