Valeant trades in below $10 for first time since 2008

Valeant Pharmaceuticals International Inc. signage is displayed outside the company's headquarters in Bridgewater Township, New Jersey, U.S., on Thursday, Aug. 4, 2016.
Ron Antonelli | Bloomberg | Getty Images

Valeant Pharmaceuticals' shareholders just can't catch a break.

The drugmaker's stock traded in the single digits earlier on Wednesday for the first time since 2008 after falling more than 5 percent. The stock hovered around $9.60, far from a 52-week intraday high of $38.50 reached in May 2016, before closing down over 6 percent at $9.50 on Wednesday.

The latest dip came after reports surfaced that the firm was having a difficult time selling one of its divisions — its iNova subsidiary — for the price it wanted. The Australian Business Review reported Valeant's iNova has received "lukewarm interest," with bids coming in below the $1 billion mark, an amount that some investors thought it would be sold for.

Just last month, billionaire hedge fund manager announced he had sold his position in the pharmaceutical company. Ackman's Pershing Square Capital Management purchased Valeant at an average price of $196 a share in 2015, according to the hedge fund's 2016 letter.

As of Wednesday's close, Valeant's stock is down more than 66 percent over the past 12 months and is down more than 34 percent year-to-date.

VRX 12-month performance 

Source: FactSet