market folly

Ruane Cunniff & Goldfarb, managers of the Sequoia Fund and one of the longstanding holders of Valeant Pharmaceuticals (VRX) reported they've sold almost half of their stake, per a just filed 13G with the SEC.

They now own 4.72% of the company with only 16.11 million shares.  This is down from the 30.30 million VRX shares they owned at the end of the first quarter.

The filing was made due to activity on May 31st.

We've highlighted this ongoing saga and other investors involved include Jeff Ubben's ValueAct Capital, and much more recently Bill Ackman's Pershing Square.

Per Google Finance, Valeant is "a specialty pharmaceutical and medical device company. The Company is engaged in developing, manufacturing, and marketing a range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices), which are marketed directly or indirectly in over 100 countries. The Company operates through two segments: developed markets and emerging markets. The Company's developed markets segment consists of sales in the United States of pharmaceutical products, OTC products, and medical device products. The Company's Emerging Markets segment consists of branded generic pharmaceutical products and branded pharmaceuticals, OTC products, and medical device products.."