The bad news keeps coming for Valeant.
Following a series of missteps that included accounting misstatements and oversights by ousted CEO Michael Pearson, Valeant reported disappointing quarterly earnings on Tuesday.
The company missed estimates on both the top and bottom line, and it also substantially lowered full-year guidance.
While some investors have been optimistic that new CEO Joseph Papa will be able to turn the company around, not everyone is convinced.
Wells Fargo's David Maris has been bearish on the stock since he initiated coverage back in February. Since then he has been trimming his price target, and has correctly called each new sell-off.