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Citron Research Executive Editor Andrew Left said Tuesday he does not think Valeant Pharmaceutical shares will trade above $60 anytime soon, despite taking a long position in the stock.
"You still might say the stock is uninvestable," he told CNBC's "Fast Money: Halftime, " a day after unveiling his new position on the stock.
"I bought some stock [in Valeant]; I also protected myself and bought some out-of-the-money puts. I also saw the news flow that was coming out of Valeant was increasingly negative, and when they installed [CEO Joseph] Papa, he didn't seem like somebody getting the company ready for bankruptcy. Whether or not the stock can stabilize around here, it seemed like something that could've made a decent proposition," he said. "Would I hold this for the next 18 months? I'd need more information on it."
Shares of Valeant were up more than 8 percent before Left's interview, but quickly pared some of those gains afterward.
Citron first unveiled a short position on Valeant in October, calling it the "pharmaceutical Enron."
Since then, Valeant's U.S.-listed shares have fallen more than 75 percent.
VRX Oct. 21-nowSource: FactSet
In March, Left told CNBC he had covered the short position, adding: "I wouldn't be short Valeant, I wouldn't be long Valeant. I think there's just too much of a black box surrounding Valeant right now. I would like to get more information."