Pershing Square Capital Management, managed by Bill Ackman, has sold its entire stake in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) on Monday. The investor held 18.11 million Valeant shares at the end of 2016. The stake required “a disproportionately large amount of time and resources,” Bloomberg reported, citing a statement from Ackman. In this article, we will talk about three hedge funds that still love Valeant as well as discuss the performance of the company.

Here are three hedge funds that still love Valeant, according to their 13F filings made with the U.S. Securities and Exchange Commission.

Hedge Funds

Paulson & Company, led by John Paulson, ValueAct Holdings, and Okumus Fund Management are betting big on Valeant, according to the filings.

At the end of 2016, Paulson & Company held around 19.38 million shares of the company. The investor acquired 513,500 more Valeant shares during the fourth quarter of 2016.

ValueAct Holdings, managed by Jeffrey Ubben, reported holding 14.99 million shares at the end of the last year. The stake remained unchanged during the quarter.

Okumus Fund Management, managed by Ahmet Okumus, held 4.10 million shares at the end of 2016. The shares remained unchanged during the quarter.

Meanwhile, the SEC filings show that Susquehanna International Group acquired 2.56 million shares of Valeant during the fourth quarter. In addition, Renaissance Technologies bought 2.91 million Valeant shares, Barclays Plc 1.31 million shares, and Millennium Management 1.25 million shares during the fourth quarter.

Valeant Stock Performance and Financial Outlook

Based in Canada, Valeant is a pharmaceutical and medical device company, having a market cap of over $4 billion.

Investors seem not happy with the company’s performance. Shares of Valeant are down more than 16% year-to-date. The stock has plunged more than 82% during the last 12 months. The shares have fallen about 56% during the last six months.

Last month, Valeant reported financial results for the fourth quarter and for the full-year 2016.

Revenues in the quarter fell 13% to $2.4 billion, versus $2.8 billion in the same quarter of 2015. The company booked a loss of $515 million, or $1.47 per share loss, compared to a loss of $385 million, or $1.12 per share, in the fourth quarter of 2015.

For the full-year 2016, revenues were $9.7 billion, down from $10.4 billion for 2015.

The company attributed the decrease in its revenues to a reduction in product sales from the existing business and the negative impact of foreign currency exchange.

For 2016, Valeant reported a loss of $2.4 billion, compared to $292 million in 2015. Loss per share was $6.94, versus $0.85 per share for 2015.

For 2017, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) expects total revenues to be in the range $8.90 billion-$9.10 billion, adjusted EBITDA of $3.55 billion-$3.70 billion.

Disclosure: None