None of the firms responded to requests for comment.
Hedgeye said that Valeant is "not investable" after its disclosures on Tuesday, which included slashing its 2016 sales and earnings outlook and missing a deadline to file its annual report.
Pershing Square's Ackman told his clients in a letter that he expects banks to grant Valeant a waiver, but warned that "the potential for a default creates enormous investor fear."
Late last year, the mood was very different for Valeant, said investors, who watched the stock tumble some 70 percent from its August highs and decided the company was oversold.
Okumus Capital, which added Valeant in the fourth quarter, lost an estimated $87 million on Tuesday, if it still owned the stock. Senzar Asset Management, which also added Valeant in the fourth quarter, lost an estimated $60.7 million. Tyrian Investments, a fund that managed $870 million at the end of December 2014 according to a regulatory filing, lost an estimated $8 million on Tuesday with Valeant.
The funds did not return calls seeking comment.
The funds' decisions to raise their bets late last year might seriously harm their credibility with investors who are getting nervous after many lost money last year and started 2016 with fresh losses.
"Consultants will likely be forced to recommend clients to redeem completely from those funds where Valeant resulted in a significant capital impairment," Hedgeye managing director Thomas Tobin wrote on Tuesday.