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MNK

Mallinckrodt

$29.15

1.905 (6.99%)

14:34
11/06/18
11/06
14:34
11/06/18
14:34

Mallinckrodt growth appears challenged in 2019, says Wells Fargo

Wells Fargo analyst David Maris noted that Mallinckrodt reported Q3 earnings that beat his and consensus estimates due to higher revenues and lower operating spending, but he is still modeling a 5% decline next year for the company's largest product, Acthar. Noting that view of Acthar, as well as considering share loss for Inomax and the company's leverage, Maris said he sees the shares as fairly valued and keeps a Market Perform rating on Mallinckrodt. Maris raised his price target on Mallinckrodt shares to $27 from $24 as he raised his 2018 EPS estimate to $7.13 from $6.82.

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MNK Mallinckrodt
$29.15

1.905 (6.99%)

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.
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.
10/05/18
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.
10/08/18
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.

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Nokia

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Motorola Solutions

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CLF

Cleveland-Cliffs

$9.37

-0.6 (-6.02%)

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MMAC

MMA Capital

$26.50

-0.2 (-0.75%)

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SANW

S&W Seed

$3.05

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Best Buy

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LB

L Brands

$30.14

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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BSX

Boston Scientific

$34.13

-1.16 (-3.29%)

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AMAT

Applied Materials

$36.27

1.85 (5.37%)

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FB

Facebook

$133.04

1.42 (1.08%)

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EGRX

Eagle Pharmaceuticals

$48.01

-1.36 (-2.75%)

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SDRL

Seadrill

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EROS

Eros International

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LB

L Brands

$30.23

-4.3 (-12.45%)

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SCO

Scor ADR

$23.44

2.26 (10.67%)

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NOAH

Noah Holdings

$45.61

4.81 (11.79%)

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DWT

Britannia Bulk

$11.85

1.62 (15.84%)

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BECN

Beacon Roofing

$28.44

0.7 (2.52%)

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TJX

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$46.84

-2.13 (-4.35%)

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