Since our research report in May 2016, Lannett Company (LCI) continues to trade as a proxy for the deeply troubled Valeant Pharmaceuticals (VRX).  Their daily stock price correlation remains above 80%.  Moreover, over the same time frame, LCI has an equally high correlation (~ 75%) with the healthcare sector ETF (XLV).  This suggests to us that the intrinsic value upside in the LCI stock price could be realized once the industry overhang from Trump's drug price-control tweets abates.