The struggles continue for Bausch & Lomb owner Valeant (VRX) .
Shares of the Laval, Quebec-based drugmaker fell as much as 5.9% on Friday after Wells Fargo lowered its price target range to $7 to $9, from $10 to $13. The analyst argues that the company's free-cash flow won't be enough to pay back all of its obligations.
Valeant shares began the day in the green, rising 1.2% $8.99, then fell to as low as $8.36. The stock ended the trading session at $8.51, down 4.2%.
Meanwhile, Valeant said Friday it priced psoriasis treatment Siliq at $3,500 per month. The company noted that it's the lowest priced injectable biologic for moderate-to-severe plaque psoriasis.
Comparing Siliq with other treatments such as Taltz and Cosentyx, Stifel analyst Annabel Samimy said by phone on Friday: "In my view, Siliq provides more value relative to its price and efficacy than others when comparing list price and the dosing schedule of each drug."
Stifel has a price target of $45 and a buy rating on Valeant's stock.
Siliq is indicated for the treatment of moderate to severe plaque psoriasis in adult patients that are candidates for systemic therapy or phototherapy and have failed to respond or have lost response to other systemic therapies.
On April 5, Valeant's stock closed below $10 for the first time since 2008.
Valeant has been floundering for over a year due to questions initially raised by short seller Andrew Left of Citron Research in 2015. He wrote a scathing report alleging that Valeant and its mail-order pharmacy Philidor, along with one of its customers, had engaged in a scheme to improperly raise revenues.
Then in March 2016, Valeant blamed its former CFO and former controller, Howard Schiller, for misstatements of earnings. Schiller left the company, as did former CEO J. Michael Pearson.
Valeant has since been scrutinized for its alleged accounting problems and steep price hikes on drugs it acquired.
Pearson had also completed a series of acquisitions that bolstered Valeant's price to a high of nearly $252, but had been funding them with debt.
The company is now mired in nearly $30 billion in debt. Valeant refinanced that debt earlier in March.
Since then, Pershing Square fund manager Bill Ackman pulled his entire stake from Valeant, taking a $2.8 billion loss. While activist investor ValueAct Capital bought up some of the shares Ackman divested, it wasn't enough to turn around the company's stock.
- Bret Kenwell contributed to this article