An issue of Mallinckrodt PLC (NYSE:MNK) bonds fell 1.6% against their face value during trading on Monday. The high-yield issue of debt has a 4.75% coupon and is set to mature on April 15, 2023. The bonds in the issue are now trading at $83.51 and were trading at $84.13 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.

Several brokerages recently weighed in on MNK. BMO Capital Markets reaffirmed an “outperform” rating and set a $93.00 price target on shares of Mallinckrodt PLC in a report on Thursday, August 25th. Raymond James Financial Inc. initiated coverage on Mallinckrodt PLC in a report on Friday. They issued an “outperform” rating and a $72.00 target price for the company. Barclays PLC raised their target price on Mallinckrodt PLC from $75.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $85.00 target price on Mallinckrodt PLC and gave the company a “hold” rating in a report on Wednesday, August 3rd. Finally, Morgan Stanley reissued a “buy” rating and issued a $82.00 target price on shares of Mallinckrodt PLC in a report on Wednesday, September 21st. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $89.54.

Mallinckrodt PLC (NYSE:MNK) traded up 4.16% during mid-day trading on Monday, reaching $56.86. The company’s stock had a trading volume of 1,955,787 shares. Mallinckrodt PLC has a 1-year low of $50.90 and a 1-year high of $85.83. The firm has a 50-day moving average of $63.29 and a 200 day moving average of $66.57. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of 10.72 and a beta of 1.62.

Hedge funds have recently made changes to their positions in the stock. Strs Ohio raised its stake in shares of Mallinckrodt PLC by 0.4% in the second quarter. Strs Ohio now owns 861,671 shares of the company’s stock valued at $52,372,000 after buying an additional 3,057 shares during the period. APG Asset Management N.V. raised its stake in shares of Mallinckrodt PLC by 17.6% in the third quarter. APG Asset Management N.V. now owns 193,933 shares of the company’s stock valued at $13,533,000 after buying an additional 29,000 shares during the period. Mizuho Asset Management Co. Ltd. raised its stake in shares of Mallinckrodt PLC by 125.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,771 shares of the company’s stock valued at $108,000 after buying an additional 984 shares during the period. PineBridge Investments L.P. raised its stake in shares of Mallinckrodt PLC by 614.6% in the second quarter. PineBridge Investments L.P. now owns 4,216 shares of the company’s stock valued at $256,000 after buying an additional 3,626 shares during the period. Finally, Squarepoint Ops LLC raised its stake in shares of Mallinckrodt PLC by 406.7% in the first quarter. Squarepoint Ops LLC now owns 66,058 shares of the company’s stock valued at $4,048,000 after buying an additional 53,022 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

About Mallinckrodt PLC

Mallinckrodt public limited company (Mallinckrodt) is engaged in the specialty pharmaceuticals and nuclear imaging business. The Company develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products, and nuclear imaging agents. The Company’s segments include Specialty Brands, Specialty Generics and Nuclear Imaging.

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