Mallinckrodt (NYSE:MNK) Shares Gap Down to $2.71

Mallinckrodt PLC (NYSE:MNK) gapped down before the market opened on Wednesday . The stock had previously closed at $2.78, but opened at $2.71. Mallinckrodt shares last traded at $2.53, with a volume of 10,145,618 shares trading hands.

A number of analysts have recently weighed in on MNK shares. Piper Jaffray Companies lowered Mallinckrodt from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $39.00 to $9.00 in a research note on Thursday, May 30th. Barclays set a $5.00 price objective on Mallinckrodt and gave the company a “hold” rating in a research note on Tuesday, September 10th. Jefferies Financial Group set a $2.00 price objective on Mallinckrodt and gave the company a “hold” rating in a research note on Friday, September 6th. Wells Fargo & Co dropped their price objective on Mallinckrodt from $25.00 to $11.00 and set a “market perform” rating for the company in a research note on Thursday, June 6th. Finally, Mizuho dropped their price objective on Mallinckrodt from $22.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, May 28th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $10.19.

The business has a 50 day moving average of $4.04 and a 200 day moving average of $11.95. The company has a market cap of $227.66 million, a PE ratio of 0.31, a price-to-earnings-growth ratio of 0.03 and a beta of 2.42. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.78 and a quick ratio of 0.57.



Mallinckrodt (NYSE:MNK) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.43. Mallinckrodt had a positive return on equity of 18.96% and a negative net margin of 111.46%. The company had revenue of $823.30 million during the quarter, compared to analyst estimates of $817.55 million. During the same quarter last year, the firm posted $2.16 earnings per share. The firm’s revenue was down .3% on a year-over-year basis. Sell-side analysts forecast that Mallinckrodt PLC will post 8.48 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in MNK. Parallel Advisors LLC lifted its stake in Mallinckrodt by 1,239.3% in the second quarter. Parallel Advisors LLC now owns 3,000 shares of the company’s stock worth $28,000 after acquiring an additional 2,776 shares during the period. Coastal Capital Group Inc. purchased a new position in Mallinckrodt during the second quarter valued at $31,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Mallinckrodt by 151.0% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 9,173 shares of the company’s stock valued at $84,000 after buying an additional 5,519 shares during the period. Quantamental Technologies LLC purchased a new position in Mallinckrodt during the second quarter valued at $84,000. Finally, Teza Capital Management LLC purchased a new position in Mallinckrodt during the second quarter valued at $92,000.

About Mallinckrodt (NYSE:MNK)

Mallinckrodt plc, together with its subsidiaries, develops, manufactures, markets, and distributes specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa, and internationally. It operates in two segments, Specialty Brands, and Specialty Generics and Amitiza.

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