Despite allegations against it, Valeant may still have some bright spots that could be attractive for investors, a senior analyst said on Friday.
"Its business is fundamentally strong," Irini Koffler, Mizuho Securities, told CNBC's "Closing Bell."
"We think this company has a lot of optionality; they've got a great emerging markets business valued at about $2 billion that they could sell off under distress."
Koffler also said that the company's acquisitions, including Bausch & Lomb, are great assets that add to its value.
The Canadian drug company's stock price dropped 47 percent in October after short seller Citron Research accused it of improperly inflating its revenue. Valeant Chief Executive Officer Michael Pearson has denied the allegations, but on Wednesday, a U.S. Senate panel launched a bipartisan probe into pharmaceutical pricing, seeking documents from four drugmakers, including Valeant.
Valeant's plunge also pressured other pharmaceutical and health-care companies, and weighed on the entire sector.
Peter Andersen, of Congress Wealth Management, is a former lover of the stock and held it for about 2 1/2 years. He sold his holdings last week after a Valeant conference call.
"We just to need to wait a little bit more to get through this rolling disclosure," he said in the same interivew.
As the company continues to leak bad information, he said, investors should wait until it's over to get back into the stock. He also said it is difficult to put a value on certain segments of the business.
"I think it's quite toxic now; I don't think anyone would be looking at the company to buy one of its divisions," he added.
— Reuters contributed to this report.