Mallinckrodt PLC (MNK) Rating Lowered to Sell at Zacks Investment Research

Mallinckrodt PLC (NYSE:MNK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio and become a high-performing specialty pharmaceutical company. The company sold its Nuclear Imaging business and Intrathecal Therapy business to focus on its key areas. While Acthar sales continue to be strong on the back of increased formulary positions and access for appropriate patients in both the commercial and public environments, sales of Therakos is expected to decline. The generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. The company expects double-digit declines in revenues from this segment. Shares of the company have underperformed the industry so far in 2017.”

Several other research analysts also recently commented on MNK. UBS AG reissued a “buy” rating and set a $70.00 price objective (down previously from $100.00) on shares of Mallinckrodt PLC in a report on Thursday, June 29th. They noted that the move was a valuation call. BidaskClub downgraded shares of Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Oppenheimer Holdings, Inc. set a $70.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a report on Tuesday, August 8th. Wells Fargo & Company reissued an “outperform” rating and set a $83.50 price objective on shares of Mallinckrodt PLC in a report on Wednesday, June 21st. Finally, Raymond James Financial, Inc. dropped their price objective on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $60.04.

Mallinckrodt PLC (MNK) opened at 32.16 on Tuesday. The company’s market capitalization is $3.13 billion. The stock has a 50 day moving average price of $35.74 and a 200-day moving average price of $41.18. Mallinckrodt PLC has a 12-month low of $31.78 and a 12-month high of $68.43.

Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.73 by $0.12. The firm had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. Mallinckrodt PLC’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.03 EPS. Equities analysts predict that Mallinckrodt PLC will post $7.39 EPS for the current fiscal year.

WARNING: This story was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this story on another website, it was stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this story can be viewed at https://ledgergazette.com/2017/10/19/mallinckrodt-plc-mnk-rating-lowered-to-sell-at-zacks-investment-research.html.

In other news, insider Meredith B. Fischer bought 1,280 shares of the stock in a transaction on Wednesday, August 30th. The stock was bought at an average cost of $39.63 per share, for a total transaction of $50,726.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.77% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of MNK. Denali Advisors LLC acquired a new stake in shares of Mallinckrodt PLC during the second quarter worth $112,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Mallinckrodt PLC during the first quarter worth $115,000. Sterling Capital Management LLC acquired a new stake in shares of Mallinckrodt PLC during the second quarter worth $204,000. Baker Avenue Asset Management LP acquired a new stake in shares of Mallinckrodt PLC during the first quarter worth $223,000. Finally, Advisor Partners LLC acquired a new stake in shares of Mallinckrodt PLC during the second quarter worth $242,000. Institutional investors and hedge funds own 97.36% of the company’s stock.

Mallinckrodt PLC Company Profile

Mallinckrodt public limited company develops, manufactures, markets and

According to Zacks, “Mallinckrodt is currently focused on reshaping its product portfolio through strategic acquisitions and non-core asset divestitures to transform the portfolio and become a high-performing specialty pharmaceutical company. The company sold its Nuclear Imaging business and Intrathecal Therapy business to focus on its key areas. While Acthar sales continue to be strong on the back of increased formulary positions and access for appropriate patients in both the commercial and public environments, sales of Therakos is expected to decline. The generic segment continues to face weakness as various product categories are witnessing stiff competition, which is hurting both their volumes and prices. The company expects double-digit declines in revenues from this segment. Shares of the company have underperformed the industry so far in 2017.”

Several other research analysts also recently commented on MNK. UBS AG reissued a “buy” rating and set a $70.00 price objective (down previously from $100.00) on shares of Mallinckrodt PLC in a report on Thursday, June 29th. They noted that the move was a valuation call. BidaskClub downgraded shares of Mallinckrodt PLC from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Oppenheimer Holdings, Inc. set a $70.00 price objective on shares of Mallinckrodt PLC and gave the company a “buy” rating in a report on Tuesday, August 8th. Wells Fargo & Company reissued an “outperform” rating and set a $83.50 price objective on shares of Mallinckrodt PLC in a report on Wednesday, June 21st. Finally, Raymond James Financial, Inc. dropped their price objective on shares of Mallinckrodt PLC from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $60.04.

Mallinckrodt PLC (MNK) opened at 32.16 on Tuesday. The company’s market capitalization is $3.13 billion. The stock has a 50 day moving average price of $35.74 and a 200-day moving average price of $41.18. Mallinckrodt PLC has a 12-month low of $31.78 and a 12-month high of $68.43.

Mallinckrodt PLC (NYSE:MNK) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.73 by $0.12. The firm had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. Mallinckrodt PLC had a return on equity of 15.28% and a net margin of 12.64%. Mallinckrodt PLC’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.03 EPS. Equities analysts predict that Mallinckrodt PLC will post $7.39 EPS for the current fiscal year.

WARNING: This story was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this story on another website, it was stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this story can be viewed at https://ledgergazette.com/2017/10/19/mallinckrodt-plc-mnk-rating-lowered-to-sell-at-zacks-investment-research.html.

In other news, insider Meredith B. Fischer bought 1,280 shares of the stock in a transaction on Wednesday, August 30th. The stock was bought at an average cost of $39.63 per share, for a total transaction of $50,726.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.77% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of MNK. Denali Advisors LLC acquired a new stake in shares of Mallinckrodt PLC during the second quarter worth $112,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Mallinckrodt PLC during the first quarter worth $115,000. Sterling Capital Management LLC acquired a new stake in shares of Mallinckrodt PLC during the second quarter worth $204,000. Baker Avenue Asset Management LP acquired a new stake in shares of Mallinckrodt PLC during the first quarter worth $223,000. Finally, Advisor Partners LLC acquired a new stake in shares of Mallinckrodt PLC during the second quarter worth $242,000. Institutional investors and hedge funds own 97.36% of the company’s stock.

Mallinckrodt PLC Company Profile

Mallinckrodt public limited company develops, manufactures, markets and distributes branded and generic specialty pharmaceutical products and therapies. The Company focuses on various therapeutic areas, such as autoimmune and rare disease specialty areas, including neurology, rheumatology, nephrology, ophthalmology and pulmonology; immunotherapy and neonatal critical care respiratory therapies; analgesics and hemostasis products, and central nervous system drugs.

Analyst Recommendations for Mallinckrodt PLC (NYSE:MNK)

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