Remember When Bill Ackman Called Valeant The Next Berkshire Hathaway?

Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $2.11 (7 percent) at $27.58 in Friday's session. It is trading lower for the fifth day in a row, falling from last Friday's close of $69.04 to $27.58 -- a 61 percent drop.

Pershing Square's Bill Ackman is still defending the issue, as he has been a vocal support of Valeant through its entire fall from grace. Back on May 4, 2015, Ackman declared that Valeant was the going be the next Berkshire Hathaway Inc. (NYSE: BRK-A). At that time, Valeant was trading north of $200, on its way to its all-time high that was made in August at $263.81.

See Also: How Bill Ackman Is Defending Valeant

As Fortune noted at the time, "Berkshire Hathaway was the quintessential platform company, Ackman said, and still it had been "continually undervalued" for its entire history."

"You'd think after 25 years people would realize," Ackman said. "And Valeant is a very early-stage Berkshire."

After a lower open today, it managed a rally to $30.93 before continuing lower. It easily surpassed its former low for the move made on Thursday at $29.52, reaching $27.24. At this time, it is struggling to revisit the $28 handle.