On Wednesday, Andrew Left, the famed short-seller from Citron Research, said he is shorting Valeant Pharmaceuticals (VRX) calling the stock an "obvious zero." This isn't the first time he has blasted Valeant, previously calling it the "pharmaceutical Enron."

On CNBC's "Stop Trading" segment Thursday, TheStreet's Jim Cramer referenced a research report that suggests Valeant's drug pipeline is trading at a ridiculously low valuation.

If that's the case, the stock could have upside, said Cramer, the co-manager of the Action Alerts PLUS portfolio. He pointed out that hedge fund manager Bill Ackman will be on Thursday's CNBC "Fast Money Halftime" show, and viewers should expect him to hammer home the value that Valeant presents.

Cramer has not viewed Valeant as a buy, which is good considering the stock's almost 80% year-to-date drop. However, his big concern is the debt load, which stands at roughly $32 billion, a crushing figure for a company with a market cap of just $7.2 billion.

Valiant has to be able to pay this off, Cramer said. That is the key.

Shares of Valeant recently rose 4%.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.