Valeant Pharmaceuticals International Inc. disclosed Tuesday afternoon in a filing that a large shareholder, New York-based investment advisor Ruane, Cunniff & Goldfarb Inc., has slashed its share stake in the drug maker to 4.72%. Ruane, Cunniff & Goldfarb had said last month that it owned 30.31 million shares of Valeant, or an 8.9% stake, which made it Valeant’s largest shareholder at that time, according to FactSet. The new stake would drop Ruane, Cunniff & Goldfarb behind billionaire activist investor and Valeant board member Bill Ackman’s Pershing Square Capital Management, which owned 21.59 million shares, or a 6.3% stake, as of March 31. The stock was down 14% in afternoon trade, after the company slashed its profit outlook for the year. It has not plunged 76% year to date, while the S&P 500 has gained 3.5%.
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