Mallinckrodt (NYSE:MNK) Stock Price Up 6%

Mallinckrodt PLC (NYSE:MNK)’s stock price rose 6% during trading on Thursday . The company traded as high as $9.10 and last traded at $9.01. Approximately 2,868,436 shares changed hands during trading, an increase of 18% from the average daily volume of 2,421,144 shares. The stock had previously closed at $8.50.

MNK has been the topic of a number of recent research reports. ValuEngine lowered shares of Mallinckrodt from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Canaccord Genuity set a $40.00 price target on shares of Mallinckrodt and gave the stock a “buy” rating in a research report on Monday, March 18th. SunTrust Banks initiated coverage on shares of Mallinckrodt in a research report on Tuesday, March 19th. They set a “hold” rating and a $23.00 price target on the stock. Mizuho lowered their price target on shares of Mallinckrodt from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, May 16th. Finally, Berenberg Bank reaffirmed a “sell” rating and set a $5.00 price target (down from $10.00) on shares of Mallinckrodt in a research report on Tuesday, May 21st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $20.83.

The stock has a market cap of $755.16 million, a PE ratio of 1.15, a price-to-earnings-growth ratio of 0.09 and a beta of 2.39. The company has a quick ratio of 1.08, a current ratio of 1.45 and a debt-to-equity ratio of 1.90. The stock has a 50 day moving average price of $10.51.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. The firm had revenue of $791.00 million for the quarter, compared to the consensus estimate of $766.27 million. Mallinckrodt had a negative net margin of 118.53% and a positive return on equity of 14.22%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.31 earnings per share. As a group, sell-side analysts predict that Mallinckrodt PLC will post 8.24 earnings per share for the current year.

In other news, CFO Bryan M. Reasons acquired 5,400 shares of Mallinckrodt stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $8.96 per share, for a total transaction of $48,384.00. Following the completion of the purchase, the chief financial officer now directly owns 17,979 shares of the company’s stock, valued at approximately $161,091.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have acquired 8,400 shares of company stock worth $83,234 over the last quarter. Corporate insiders own 2.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. boosted its position in Mallinckrodt by 126.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 40,149 shares of the company’s stock worth $873,000 after buying an additional 22,417 shares during the period. Nordea Investment Management AB raised its holdings in Mallinckrodt by 45.8% during the 1st quarter. Nordea Investment Management AB now owns 189,667 shares of the company’s stock worth $4,123,000 after purchasing an additional 59,600 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Mallinckrodt during the 1st quarter worth approximately $297,000. Jacobs Levy Equity Management Inc. raised its holdings in Mallinckrodt by 12.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 515,190 shares of the company’s stock worth $11,200,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Anderson Fisher LLC raised its holdings in Mallinckrodt by 1,129.1% during the 1st quarter. Anderson Fisher LLC now owns 5,285 shares of the company’s stock worth $115,000 after purchasing an additional 4,855 shares during the last quarter.

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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