Check out which companies are making headlines after the bell:
Valeant Pharmaceutical shares plummeted 9 percent in extended trading Monday after activist investor Bill Ackman sold his shares of the company. The billionaire hedge fund manager sold 27.2 million shares of Valeant for around $11 each. The Pershing Square Capital Management CEO said he will remain on the company's board until reelection. Ackman said he sold his shares because the company did not "move the needle for Pershing Square, even if the stock doubled from here."
Shares of Incyte dropped 2 percent as investors continue to speculate whether or not the pharmaceutical company could be bought by Gilead Sciences. According to Dow Jones, Gilead is looking to enter the cancer immunotherapy space by acquiring the company because of its IDO inhibitor. Incyte also has a drug for bone marrow disorders, called myelofibrosis that is considered to be the best in the market.
Global Blood Therapeutics shares fell 3 percent, after the company reported a loss of 74 cents per share, wider than the expected loss of 63 cents per share by analysts, according to Thomson Reuters consensus estimates. Net loss for the company's fourth-quarter came in at $27 million.
Shares of Coupa Software dropped 2 percent, even after the company reported a narrower-than-expected loss of 5 cents per share, versus an expected loss of 17 cents a share, according to Thomson Reuters consensus estimates. Revenue for the technology company came in at $38 million, topping expectations by $2 million.