Shares of Mallinckrodt PLC (NYSE:MNK) saw unusually-high trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 30,615,985 shares changed hands during mid-day trading, an increase of 753% from the previous session’s volume of 3,588,423 shares.The stock last traded at $18.66 and had previously closed at $18.66.
The company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.29. Mallinckrodt had a net margin of 11.43% and a return on equity of 14.79%. The firm had revenue of $792.30 million during the quarter, compared to the consensus estimate of $769.91 million. During the same period last year, the firm posted $1.91 EPS. The firm’s quarterly revenue was down 4.5% on a year-over-year basis.
MNK has been the subject of several analyst reports. Canaccord Genuity cut their price target on shares of Mallinckrodt from $38.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, November 8th. Stifel Nicolaus lowered their price objective on shares of Mallinckrodt from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 8th. Jefferies Group initiated coverage on shares of Mallinckrodt in a research report on Wednesday, November 8th. They issued a “buy” rating and a $30.00 price objective for the company. Cantor Fitzgerald restated a “buy” rating and issued a $52.00 price objective on shares of Mallinckrodt in a research report on Thursday, November 2nd. Finally, Morgan Stanley lowered their price objective on shares of Mallinckrodt from $40.00 to $27.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $42.64.
The company has a debt-to-equity ratio of 1.08, a current ratio of 1.38 and a quick ratio of 1.05. The stock has a market cap of $1,770.00, a PE ratio of -933.00, a P/E/G ratio of 0.30 and a beta of 1.04.
Mallinckrodt 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.
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