“Mallinckrodt announced today that it is selling certain hemostasis products to Baxter (BAX, Not Covered), including Recothrom and PreveLeak, for ~ $185MM, with $153MM upfront and the rest in potential milestones. The company will also discontinue marketing of Raplixa and evaluate strategic options for the product.”,” Cantor Fitzgerald’s analyst commented.
Several other analysts also recently issued reports on MNK. Canaccord Genuity set a $24.00 price objective on Mallinckrodt and gave the company a hold rating in a research report on Sunday, January 7th. Leerink Swann started coverage on Mallinckrodt in a research report on Tuesday, January 2nd. They issued a market perform rating and a $26.00 price objective on the stock. Wells Fargo & Co restated a hold rating on shares of Mallinckrodt in a research report on Monday, January 1st. Goldman Sachs Group reiterated a hold rating on shares of Mallinckrodt in a research report on Monday, January 1st. Finally, ValuEngine downgraded Mallinckrodt from a buy rating to a hold rating in a research report on Sunday, December 31st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $44.99.
Mallinckrodt (NYSE:MNK) last announced its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.17. Mallinckrodt had a return on equity of 14.79% and a net margin of 11.43%. The firm had revenue of $793.90 million for the quarter, compared to analyst estimates of $808.93 million. During the same quarter in the prior year, the company posted $2.04 earnings per share. Mallinckrodt’s quarterly revenue was down 10.5% on a year-over-year basis. sell-side analysts forecast that Mallinckrodt will post 7.2 EPS for the current year.
In other Mallinckrodt news, VP Steven J. Romano acquired 2,000 shares of the stock in a transaction on Monday, November 13th. The stock was purchased at an average price of $21.96 per share, for a total transaction of $43,920.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dr Kneeland Youngblood acquired 4,560 shares of the stock in a transaction on Tuesday, November 28th. The shares were acquired at an average price of $21.94 per share, with a total value of $100,046.40. Following the purchase, the director now owns 19,789 shares in the company, valued at $434,170.66. The disclosure for this purchase can be found here. In the last quarter, insiders bought 30,460 shares of company stock valued at $659,486. Insiders own 0.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. HealthCor Management L.P. bought a new position in Mallinckrodt during the 2nd quarter worth approximately $107,649,000. Janus Henderson Group PLC lifted its holdings in Mallinckrodt by 6,828.1% during the 2nd quarter. Janus Henderson Group PLC now owns 1,396,780 shares of the company’s stock worth $62,590,000 after buying an additional 1,376,619 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Mallinckrodt by 117.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,937,444 shares of the company’s stock worth $86,815,000 after buying an additional 1,045,757 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Mallinckrodt by 114.9% during the 3rd quarter. Prudential Financial Inc. now owns 1,379,978 shares of the company’s stock worth $51,569,000 after buying an additional 737,791 shares during the last quarter. Finally, AJO LP lifted its holdings in Mallinckrodt by 165.6% during the 2nd quarter. AJO LP now owns 927,472 shares of the company’s stock worth $41,560,000 after buying an additional 578,266 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.
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Mallinckrodt Company Profile
Mallinckrodt public limited company develops, manufactures, markets and distributes branded and generic specialty pharmaceutical products and therapies. The Company focuses on various therapeutic areas, such as autoimmune and rare disease specialty areas, including neurology, rheumatology, nephrology, ophthalmology and pulmonology; immunotherapy and neonatal critical care respiratory therapies; analgesics and hemostasis products, and central nervous system drugs.
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