Shares of Mallinckrodt PLC (NYSE:MNK) dropped 6.7% on Thursday . The company traded as low as $15.81 and last traded at $15.88. Approximately 4,336,957 shares traded hands during trading, an increase of 51% from the average daily volume of 2,880,865 shares. The stock had previously closed at $17.02.

MNK has been the subject of a number of recent analyst reports. Piper Jaffray Companies set a $67.00 target price on shares of Mallinckrodt and gave the company a “buy” rating in a research report on Saturday, October 21st. Cantor Fitzgerald reissued a “buy” rating and set a $52.00 target price on shares of Mallinckrodt in a research report on Thursday, November 2nd. Jefferies Group initiated coverage on shares of Mallinckrodt in a research report on Wednesday, November 8th. They set a “buy” rating and a $30.00 target price for the company. Stifel Nicolaus decreased their target price on shares of Mallinckrodt from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, November 8th. Finally, Canaccord Genuity decreased their target price on shares of Mallinckrodt from $38.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $43.10.

The firm has a market cap of $1,540.00, a PE ratio of -801.00, a P/E/G ratio of 0.30 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.38 and a debt-to-equity ratio of 1.08.

Mallinckrodt (NYSE:MNK) last announced its quarterly earnings data on Tuesday, November 7th. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.80 by $0.17. The company had revenue of $793.90 million during the quarter, compared to the consensus estimate of $808.93 million. Mallinckrodt had a net margin of 11.43% and a return on equity of 14.79%. The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.04 EPS. sell-side analysts anticipate that Mallinckrodt PLC will post 7.2 EPS for the current year.

In related news, VP Steven J. Romano acquired 2,000 shares of Mallinckrodt stock in a transaction dated Monday, November 13th. The stock was bought at an average price of $21.96 per share, with a total value of $43,920.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dr Kneeland Youngblood acquired 4,560 shares of Mallinckrodt stock in a transaction dated Tuesday, November 28th. The shares were bought at an average cost of $21.94 per share, with a total value of $100,046.40. Following the transaction, 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 ninety days, insiders have bought 7,560 shares of company stock valued at $165,466. Insiders own 0.77% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. grew its position in shares of Mallinckrodt by 6.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 433,563 shares of the company’s stock worth $16,203,000 after buying an additional 27,908 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Mallinckrodt in the 4th quarter worth $1,064,000. American International Group Inc. lifted its holdings in shares of Mallinckrodt by 464.6% in the 3rd quarter. American International Group Inc. now owns 198,807 shares of the company’s stock worth $7,429,000 after purchasing an additional 163,596 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of Mallinckrodt by 2.1% in the 2nd quarter. Lord Abbett & CO. LLC now owns 610,870 shares of the company’s stock worth $27,373,000 after purchasing an additional 12,700 shares in the last quarter. Finally, Aperio Group LLC lifted its holdings in shares of Mallinckrodt by 35.5% in the 3rd quarter. Aperio Group LLC now owns 58,362 shares of the company’s stock worth $2,181,000 after purchasing an additional 15,301 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

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About Mallinckrodt

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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