Tom DiChristopher, 13 September 2016
Short seller Jim Chanos on Tuesday said he is still short shares of Valeant Pharmaceuticals, and he’s not about to close out his bet against the drug company anytime soon.
“We started shorting the stock in the low $100s, added to it in the $200s, choked on it at $290 but stayed short and added to the stock as recently as early this year,” the Kynikos Associates founder told CNBC’s “Fast Money Halftime Report” on the sidelines of the Delivering Alpha conference in New York.
Shares of Valeant are down nearly 88 percent over the last year to below $28, presenting an opportunity for Chanos to cash in. Asked at what point he would cover his bet against the embattled Valeant, Chanos said the company is still facing about $37 billion in net debt and long-term liabilities.