Ackman Adds Exposure As Valeant Responds to Citron

Valeant stock rebounded in the afternoon, aided in part by an announcement by the firm categorizing Citron’s research as erroneous and an announcement by one of their largest shareholders, William Ackman, that he had bought the stock while blood was on the street.

Ackman gets behind his Valeant exposure after a rough day

As Valeant stock was trading down at $88.58 around at 1:35 PM Eastern Time, and Pershing Square’s loss on the day was just over $1.1 billion, William Ackman might have smelled blood on the street. Ackman was reported to have purchased an additional 2 million shares Wednesday, bringing his total exposure up to 21.5 million shares.

It is unknown when exactly Ackman...