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MNK

Mallinckrodt

$36.12

-5.05 (-12.27%)

, PX

Praxair

$130.30

-0.73 (-0.56%)

07:41
09/06/17
09/06
07:41
09/06/17
07:41

Mallinckrodt selloff on Inomax ruling unwarranted, says UBS

UBS analyst Marc Goodman noted Mallinckrodt (MNK) sold off after losing a generic patent ruling to Praxair (PX) on its Inomax system. The analyst said Praxair's drug and system would be a competitor to Inomax, not a generic, which means it would have to compete directly with it. He said Mallinckrodt has penetrated almost all of the high risk NICUs and many have long term contracts, making Praxair's best opportunity to win new business. Given the dominant position of Inomax, it does not leave Praxair much of an opportunity, added Goodman, who reiterated his Buy rating and $70 price target on Mallinckrodt shares.

MNK

Mallinckrodt

$36.12

-5.05 (-12.27%)

PX

Praxair

$130.30

-0.73 (-0.56%)

  • 06

    Sep

  • 06

    Sep

  • 11

    Sep

MNK Mallinckrodt
$36.12

-5.05 (-12.27%)

09/05/17
BMOC
09/05/17
NO CHANGE
BMOC
Outperform
Mallinckrodt news on Inomax comes at difficult time, says BMO Capital
BMO Capital analyst Gary Nachman said Mallinckrodt (MNK) was surprised that a district court ruled in favor of Praxair (PX), invalidating five HF patents and ruling Praxair does not infringe other patents related to Inomax given its previous successes with these patents in the IPR process. Nachman said the news comes at a time when investors are already worried about Acthar concentration risk and the durability of Mallinckrodt's portfolio and only adds to those concerns. However, the analyst, who sees management considering more aggressive ways to try and unlock shareholder value, keeps an Outperform rating on Mallinckrodt shares.
09/06/17
MSCO
09/06/17
DOWNGRADE
MSCO
Equal Weight
Mallinckrodt downgraded to Equal Weight from Overweight at Morgan Stanley
09/06/17
DBAB
09/06/17
NO CHANGE
Target $56
DBAB
Buy
Court ruling brings 'important new risk' to Mallinckrodt, says Deutsche Bank
Deutsche Bank analyst Gregg Gilbert believes yesterday's ruling in Mallinckrodt's (MNK) non-infringement case against Praxair (PX) on Inomax is a negative surprise and "represents an important new risk." The analyst had assumed based on prior legal news flow that Mallinckrodt's intellectual property for the product was on "solid ground." The analyst notes that while an appeal could take some time to play out, generic competition to Inomax is not factored into his estimates, target or rating. As such, a generic hit could "materially affect" estimates, Gilbert tells investors in a research note. The analyst keeps a Buy rating on Mallinckrodt, citing valuation following yesterday's selloff.
09/06/17
09/06/17
DOWNGRADE
Target $40

Equal Weight
Mallinckrodt downgraded after Inomax ruling at Morgan Stanley
As previously reported, Morgan Stanley analyst David Risinger downgraded Mallinckrodt to Equal Weight from Overweight as he believes yesterday's unfavorable district court ruling in Mallinckrodt's (MNK) suit against Praxair (PX) has increased the risk of an Inomax generic potentially as soon as October 2018, compared to his prior expectation of 2031. The analyst, who thinks heightened Acthar concentration and Generics segment pressures limit the stock's upside potential, lowered his price target on Mallinckrodt shares to $40 from $65.
PX Praxair
$130.30

-0.73 (-0.56%)

08/10/17
JEFF
08/10/17
NO CHANGE
Target $162
JEFF
Buy
Praxair added to Franchise Picks list at Jefferies
Jefferies analyst Laurence Alexander added Praxair to his firm's Franchise Picks list saying the risk/reward is attractive at current share levels. A turn in the industrials capex cycle would be a "significant positive" for the industrial gas companies over the next 12-18 months, Alexander tells investors in a research note. Even absent one, the merger gives Praxair a path to double by 2020, the analyst adds. He keeps a Buy rating on the shares with a $162 price target.
09/05/17
JPMS
09/05/17
NO CHANGE
JPMS
Neutral
Mallinckrodt selloff on court decision looks overdone, says JPMorgan
JPMorgan analyst Chris Schott says that while today's decision by the District Court of Delaware on Inomax is a setback, the corresponding selloff in shares of Mallinckrodt (MNK) appears overdone. Inomax is one of Mallinckrodt's least controversial assets and the Street broadly assumes patent protection and growth for the product out to 2030-plus, Schott tells investors in an intraday research note. However, the analyst adds that the timing of potential generic competition is "far from clear" with Mallinckrodt appealing today's verdict in favor of Praxair (PX). Further, Schott only sees "gradual erosion" to the Inomax franchise once a competitor enters the market. Nonetheless, he keeps a Neutral rating on Mallinckrodt shares. The stock in afternoon trading is down 12%, or $4.81, to $36.36.
09/05/17
STFL
09/05/17
NO CHANGE
Target $85
STFL
Buy
Mallinckrodt INOmax fight 'far from over,' says Stifel
Stifel analyst Annabel Samimy said the threat to Mallinckrodt's (MNK) INOmax is not as significant as today's reaction in the stock would suggest, noting that not only will Mallinckrodt likely appeal the district court's patent ruling but it also has another outstanding lawsuit related to the system that includes other patents. Beyond all of that, Samimy said Praxair (PX) does not have its own drug/device approved yet and the company will have to negotiate new contracts for hospitals to uninstall the INOmax system and install its platform, leading him to keep a Buy rating and $85 price target on Mallinckrodt shares, which are down 12% to $36.25 in afternoon trading.

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SVM

Silvercorp Metals

$2.51

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CEL

Cellcom Israel

$10.00

-0.1 (-0.99%)

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GASS

StealthGas

$4.07

0.36 (9.70%)

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CPRT

Copart

$41.01

4.31 (11.74%)

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Deere

$145.25

6.02 (4.32%)

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SECO

Seeco Holding

$8.34

0.14 (1.71%)

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BASFY

BASF

$27.39

-0.13 (-0.47%)

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RBS

RBS

$7.30

-0.04 (-0.54%)

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L

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$49.36

-0.02 (-0.04%)

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SU

Suncor

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SAP

SAP

$113.85

-1.44 (-1.25%)

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