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Fly News Breaks for November 10, 2015
MNK
Nov 10, 2015 | 07:28 EDT
Jefferies analyst Anthony Petrone says he stress tested his Acthar assumptions following yesterday's 17% selloff in shares of Mallinckrodt. His tests yielded a sum-of-the-parts valuation for the company in the $70-$90 per share range. The stock closed yesterday down $11.73 to $58.16. The latest Wolters Kluwer data shows no major price increases for Acthar since 2012 where the last average wholesale price listed is $35,900, Petrone tells investors in a research note. He keeps a Buy rating on Mallinckrodt with a $130 price target.
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