Mallinckrodt PLC (NYSE:MNK) rose 12.2% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $21.96 and last traded at $16.38. Approximately 9,035,472 shares traded hands during mid-day trading, an increase of 143% from the average daily volume of 3,720,483 shares. The stock had previously closed at $18.66.
The company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.72 by $0.29. The firm had revenue of $792.30 million during the quarter, compared to the consensus estimate of $769.91 million. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.91 earnings per share.
MNK has been the subject of several analyst reports. Canaccord Genuity lowered their price objective on Mallinckrodt from $38.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, November 8th. Stifel Nicolaus lowered their price objective on Mallinckrodt from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 8th. Jefferies Group initiated coverage on Mallinckrodt in a research note on Wednesday, November 8th. They issued a “buy” rating and a $30.00 price objective for the company. Cantor Fitzgerald reissued a “buy” rating and issued a $52.00 price objective on shares of Mallinckrodt in a research note on Thursday, November 2nd. Finally, Morgan Stanley lowered their price objective on Mallinckrodt from $40.00 to $27.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. Mallinckrodt presently has an average rating of “Hold” and an average target price of $42.64.
The firm has a market cap of $1,580.00, a price-to-earnings ratio of -834.00, a price-to-earnings-growth ratio of 0.30 and a beta of 1.04. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.05 and a current ratio of 1.38.
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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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