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MNK

Mallinckrodt

$23.14

0.84 (3.77%)

05:16
12/12/17
12/12
05:16
12/12/17
05:16

Mallinckrodt management keeps conviction in Acthar, says Barclays

Barclays analyst Douglas Tsao says Mallinckrodt management in meetings last week reiterated their conviction in the Acthar franchise's durability. The analyst continues to believe the franchise should prove "reasonably durable," but after Q3's miss, he does not expect a "v-shaped" recovery next year. Further, Acthar,'s pressure could worsen if additional payers implement policies that affected Q3, Tsao tells investors in a research note titled "It always comes back to Acthar." The analyst keeps an Equal Weight rating on Mallinckrodt with a $23 price target.

  • 14

    Dec

MNK Mallinckrodt
$23.14

0.84 (3.77%)

11/22/17
11/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Salesforce (CRM) downgraded to Neutral from Buy at Roth Capital with analyst Richard Baldry citing the 59% year-to-date rally in the shares. 2. Bloomin' Brands (BLMN) downgraded to Neutral from Buy at BofA/Merrill with analyst Gregory Francfort citing news of Jana Partners' 8.7% stake and subsequent share price spike. 3. Halozyme (HALO) assumed with an Equal Weight from Overweight at Barclays with analyst Gena Wang saying she believes the potential of Halozyme's Enhanze technology is largely reflected in the stock following the recent rally. 4. Mallinckrodt (MNK) downgraded to Perform from Outperform at Oppenheimer with analyst Derek Archila saying he's been "flat out wrong" on the shares. 5. Cytokinetics (CYTK) was downgraded to Neutral from Overweight at Cantor Fitzgerald and to Buy from Strong Buy at Needham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/22/17
OPCO
11/22/17
DOWNGRADE
OPCO
Perform
Mallinckrodt downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Derek Archila downgraded Mallinckrodt to Perform saying he's been "flat out wrong" on the shares. The thesis of branded growth and material margin expansion has not and is unlikely to play out within the next 12-18 months, Archila tells investors in a research note. He sees "little-to-no visibility" on Acthar growth outside of management's remarks on the payer pushback/patient abandonment issues. Further, Archila is not certain whether the company can remedy the Acthar growth issue in a timely manner. He pulled his price target for Mallinckrodt shares.
11/14/17
ADAM
11/14/17
NO CHANGE
Target $24
ADAM
Hold
Mallinckrodt likely range-bound but insider buys encouraging, says Canaccord
Canaccord analyst Dewey Steadman noted Mallinckrodt shares are down over 40% since the beginning of October due to uncertainty surrounding unfilled prescriptions of its lead drug Acthar. The analyst noted recent management and board purchases of shares, which are encouraging, but he still thinks the shares will be range-bound around their current valuation. Steadman maintained his Hold rating and $24 price target on Mallinckrodt shares.
11/13/17
UBSW
11/13/17
DOWNGRADE
Target $24
UBSW
Neutral
Mallinckrodt downgraded to Neutral from Buy at UBS
UBS analyst Marc Goodman downgraded Mallinckrodt (MNK) to Neutral and cut his price target for the shares to $24 from $70. He sees the overhangs from slowing Acthar volumes and potential Praxair (PX) competition for INOmax persisting.

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