Valeant Pharma (NYSE: VRX) is moving off the lows following the Pershing Square letter to investors that was made public.

In the letter, Ackman said they are going to take "a much more proactive role at the company to protect and maximize the value of our investment."

They also "continue to believe that the value of the underlying business franchises that comprise Valeant are worth multiples of the current market price."

Getting to those values, however, "will require restoration of shareholder confidence in the management and governance of the company."

Shares of VRX remain down 46.4%