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Fly News Breaks for March 18, 2019
MNK
Mar 18, 2019 | 10:48 EDT
Canaccord Genuity analyst Dewey Steadman says this morning's announcement of Bryan Reasons as Mallinckrodt's new CFO brings a familiar face back to the specialty pharma community. The hire is an "external sign of confidence in Mallinckrodt's potential," Steadman tells investors in a research note. The analyst expects a number of data catalysts this year from the company, with forthcoming CPP-1X pivotal data in the coming weeks, two Acthar read outs, and the completion of the terlipressin study in the second half of 2019. Management's focus on Acthar solidification, pipeline progression and continued product execution have largely been lost to "emotionally-driven" selling over the past several months, contends Steadman. He keeps a Buy rating on Mallinckrodt with a $40 price target. The stock in morning trading is up 56c to $22.46.
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