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MNK

Mallinckrodt

$9.55

-3.47 (-26.65%)

14:59
05/21/19
05/21
14:59
05/21/19
14:59

Mallinckrodt could lose $100M in EBITDA from CMS 'assault,' says Raymond James

Raymond James analyst Elliot Wilbur maintained a Market Perform rating on Mallinckrodt after a "barrage of negative headlines" in which Centers for Medicare & Medicaid, or CMS, has "essentially launched a full assault" on Acthar. The analyst believes, barring a Federal District Court decision, that Mallinckrodt could lose $100M in EBITDA, combined with a potential retroactive adjustment of $600M, for a "hit to total enterprise value of $1.1B-$1.2B or approximately 15%."

MNK Mallinckrodt
$9.55

-3.47 (-26.65%)

05/16/19
MZHO
05/16/19
NO CHANGE
Target $22
MZHO
Neutral
Mallinckrodt price target lowered to $22 from $25 at Mizuho
Mizuho analyst Irina Koffler lowered her price target for Mallinckrodt to $22 from $25 citing higher litigation risk, reduced Acthar estimates, and failure of CPP-1X/Sulindac. The analyst reiterates a Neutral rating on the shares. She sees the progression of opioid litigation and updates about the generic spin-off as the next potential catalysts for the shares.
05/21/19
BREN
05/21/19
NO CHANGE
Target $5
BREN
Sell
Mallinckrodt price target cut to $5 from $10 at Berenberg
05/21/19
BREN
05/21/19
NO CHANGE
Target $5
BREN
Sell
Berenberg remains bearish on Mallinckrodt, cuts price target in half
Berenberg analyst Patrick Trucchio lowered his price target for Mallinckrodt to $5 from $10, while reiterating a Sell rating on the shares. The analyst notes that the company announced a lawsuit against the U.S. Department of Health and Human Services and Centers for Medicare and Medicaid Services, challenging what Mallinckrodt describes as CMS' unexplained and unlawful reversal of its repeated 2012 written authorizations on calculation of Medicaid rebates for Acthar Gel. Without intervention from the court, Acthar Medicaid revenues, approximately 10% of total, would be eliminated by CMS' decision, he adds. Overall, Trucchio sees the timing of this disclosure as "potentially problematic" and is expecting a "potentially very negative" outcome from this complaint.
05/21/19
WELS
05/21/19
NO CHANGE
WELS
Market Perform
Unexpected negative news continues to hurt Mallinckrodt, says Wells Fargo
Wells Fargo analyst David Maris says that while fighting the FDA or Centers for Medicare and Medicaid Services is "rarely lucrative" for companies, he understands why Mallinckrodt would want to defend itself in court. While Mallinckrodt is making progress with its pipeline, "unexpected negative news continues to add to investor uncertainty," Maris tells investors in a research note. The analyst expects the stock to "bounce off these levels," but he adds that management "needs to resolve, not add, overhangs to meaningfully rebuild investor confidence." Maris keeps a Market Perform rating on Mallinckrodt. The stock in midday trading is down 27%, or $3.52, to $9.51.

TODAY'S FREE FLY STORIES

GGB

Gerdau

$3.79

0.03 (0.80%)

13:40
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Massive 3way in Gerdau rolls short June 4 puts into long September combo »

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  • 07

    Aug

13:40
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General news
Treasury Action: modest selling pressure has dominated in the bond market today »

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TEUM

Pareteum

$2.73

-0.085 (-3.02%)

13:39
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GSK

GlaxoSmithKline

$40.51

0.28 (0.70%)

13:36
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Periodicals
GlaxoSmithKline kicks off sale of $1.26B consumer health drugs, Reuters says »

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  • 20

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GTE

Gran Tierra

$1.61

-0.325 (-16.80%)

13:28
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Gran Tierra down 16% after saying it will revise guidance, issue with blockades »

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GSK

GlaxoSmithKline

$40.52

0.29 (0.72%)

13:28
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13:28
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13:28
Periodicals
GlaxoSmithKline looks to raise GBP1B from portfolio disposals, Reuters says »

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  • 20

    Jun

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BYND

Beyond Meat

$166.15

-3.7 (-2.18%)

, YUM

Yum! Brands

$108.27

-0.42 (-0.39%)

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Periodicals
Taco Bell not planning to add plant-based meat to its menu, CNBC says »

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BYND

Beyond Meat

$166.15

-3.7 (-2.18%)

YUM

Yum! Brands

$108.27

-0.42 (-0.39%)

APO

Apollo Global

$33.92

0.485 (1.45%)

TACO

Del Taco

$11.37

-0.07 (-0.61%)

03/08/13
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ORCL

Oracle

$52.50

-0.38 (-0.72%)

, MSFT

Microsoft

$134.22

-0.98 (-0.72%)

13:25
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On The Fly
Fly Intel: What to watch in Oracle's earnings report »

Oracle (ORCL) is…

ORCL

Oracle

$52.50

-0.38 (-0.72%)

MSFT

Microsoft

$134.22

-0.98 (-0.72%)

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  • 19

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  • 23

    Jun

  • 09

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  • 10

    Jul

  • 06

    Aug

13:25
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06/19
13:25
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Conference/Events
House Financial Services Committee to hold a hearing »

The Subcommittee on…

TOO

Teekay Offshore Partners

$1.15

0.02 (1.78%)

, BBU

Brookfield Business Partners

$39.47

1.54 (4.06%)

13:17
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13:17
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Hot Stocks
JDP says Brookfield Business offer for Teekay Offshore 'abusive, self-dealing' »

JDP Managing Partner…

TOO

Teekay Offshore Partners

$1.15

0.02 (1.78%)

BBU

Brookfield Business Partners

$39.47

1.54 (4.06%)

03/08/13
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
06/19/19
06/19
13:17
06/19/19
13:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
06/19/19
06/19
13:16
06/19/19
13:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

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BK

BNY Mellon

$42.95

-0.27 (-0.62%)

13:15
06/19/19
06/19
13:15
06/19/19
13:15
Options
BNY Mellon put volume heavy and directionally bearish »

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  • 17

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  • 06

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RIO

Rio Tinto

$59.44

-2.745 (-4.41%)

13:06
06/19/19
06/19
13:06
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13:06
Hot Stocks
Rio Tinto drops over 4% after reporting operational challenges »

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AWK

American Water

$116.95

0.28 (0.24%)

13:03
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13:03
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California American Water desalination project wins $10M state grant »

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MAT

Mattel

$11.62

-0.435 (-3.61%)

13:02
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MGA calls off Mattel merger talks, says 'too much mess to clean up' »

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TEVA

Teva

$8.30

-0.045 (-0.54%)

13:01
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Teva announces U.S. launch of generic version of Tracleer »

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Z

Zillow

$45.36

-1.1 (-2.37%)

13:00
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13:00
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13:00
Options
Zillow put buyer opens new short-term position »

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MAT

Mattel

$11.62

-0.43 (-3.57%)

12:59
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Breaking Hot Stocks news story on Mattel »

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CHS

Chico's

$3.24

0.14 (4.52%)

12:56
06/19/19
06/19
12:56
06/19/19
12:56
Hot Stocks
Sycamore Partners lowers takeover offer to Chico's to $3.00 per share »

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CBAY

CymaBay

$7.00

-0.09 (-1.27%)

12:55
06/19/19
06/19
12:55
06/19/19
12:55
Options
CymaBay put volume heavy and directionally bearish »

Bearish flow noted in…

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MAT

Mattel

$11.58

-0.47 (-3.90%)

12:55
06/19/19
06/19
12:55
06/19/19
12:55
Hot Stocks
Breaking Hot Stocks news story on Mattel »

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KKR

KKR

$23.93

0.57 (2.44%)

12:50
06/19/19
06/19
12:50
06/19/19
12:50
Periodicals
KKR close to selling partial stake in $2B helicopter firm, Bloomberg says »

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CHS

Chico's

$3.24

0.14 (4.52%)

12:49
06/19/19
06/19
12:49
06/19/19
12:49
Hot Stocks
Chico's erases gains after Bloomberg says Sycamore again lowered bid »

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CHS

Chico's

$3.25

0.145 (4.68%)

12:48
06/19/19
06/19
12:48
06/19/19
12:48
Periodicals
Sycamore Partners lowers bid for Chico's to $3 per share, Bloomberg reports »

Sycamore Partners has…

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