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MNK

Mallinckrodt

$27.25

0.625 (2.35%)

06:01
11/06/18
11/06
06:01
11/06/18
06:01

Mallinckrodt reports Q3 adj. EPS $2.10, consensus $1.80

Reports Q3 revenue $640M, consensus $635.89M.

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MNK Mallinckrodt
$27.25

0.625 (2.35%)

10/08/18
10/08/18
NO CHANGE
Target $24

Market Perform
Wells cuts Mallinckrodt target to $24 after confirming Praxair generic approval
Wells Fargo analyst David Maris says he confirmed this morning with Praxair (PX) that the device associated with generic Inomax has been approved. Praxair would not provide any additional details around the launch timing or pricing plans, Maris tells investors in a research note. The analyst lowered his price target for Mallinckrodt (MNK) shares to $24 from $30 after reducing his estimates to account for the generic taking approximately 20% share over the next several years. He models Mallinckrodt's Inomax going from a 5% grower to a slight decline. Maris admits, however, that there are "strong reasons" to think Inomax has a more defensible position than losing 20% share, such as a loyal installed base and a high service level. Nonetheless, he believes uncertainty around the generic device approval warrant a reduced outlook. The analyst keeps a Market Perform rating on Mallinckrodt. The stock in morning trading is down 5c to $25.83.
10/05/18
JEFF
10/05/18
NO CHANGE
Target $35
JEFF
Buy
Mallinckrodt 17% selloff yesterday 'well overdone,' says Jefferies
Jefferies analyst Anthony Petrone views the 17% selloff yesterday in shares of Mallinckrodt (MNK) as "well overdone." The pullback on Praxair's (PX) abbreviated new drug application clearance of Noxivent effectively prices in a $130M revenue shortfall on Mallinckrodt's INOmax in the near term, Petrone tells investors in a research note. Conversely, the analyst expects a more gradual erosion given the ongoing patent appeal process, potential label extension on INOmax, and the need for infrastructure investment on the part of Praxair. He keeps a Buy rating on Mallinckrodt with a $35 price target.
10/04/18
STFL
10/04/18
NO CHANGE
Target $30
STFL
Hold
Mallinckrodt selloff today on Praxair ANDA an overreaction, says Stifel
Mallinckrodt (MNK) shares are down sharply this morning following abbreviated new drug application approval of Praxair's (PX) Noxivent, Stifel analyst Annabel Samimy tells investors in a research note. Noxivent's filing as a generic has given investors pause that the gas will be used as a substitute to Mallinckrodt's nitrous oxide in the INOmax System - the leading nitric oxide vasodilator for respiratory failure in term/near-term infants, the analyst says. However, Samimy points out that Noxivent cannot be interchanged with the nitric oxide gas used in the INOmax System, and that thus far, we have not seen a 510(k) approval from the FDA for Praxair's device. Further, the analyst adds that the pending Praxair system will be another branded competitor and not a generic substitute, which she think's today's selloff implies. The analyst also believes consensus estimates have reflected potential competition for well over a year. As such, Samimy thinks today's selloff in Mallinckrodt is overreaction to a "known event". She believes Mallinckrodt is "well-positioned to defend its share." The analyst, nonetheless, keeps a Hold rating on the stock with a $30 price target. The shares in afternoon trading are down 17%, or $5.18, to $25.95.
10/03/18
BMOC
10/03/18
NO CHANGE
Target $37
BMOC
Outperform
Approval of Noxivent has mitigating factors for Mallinckrodt, says BMO Capital
BMO Capital analyst Gary Nachman kept his Outperform rating and $37 price target on Mallinckrodt (MNK), saying the FDA's approval of Praxair (PX) ANDA for Noxivent, which is a generic form of gas used in the Inomax device for "treating neonates with respiratory failure", has some mitigating factors. The analyst notes that Praxair's device will still have to be approved by the FDA and litigation appeal between the two companies regarding Inomax patents is still ongoing until the first half of next year, with the possibility of a favorable settlement between the two still possible. Moreover, Nachman points to Mallinckrodt's "very strong relationships" with partner hospitals' NICUs, as 25% of its U.S. book of business has been committed for the next couple of years.

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