Shares of Mallinckrodt PLC (NYSE:MNK) traded down 12.3% during trading on Tuesday . The stock traded as low as $35.10 and last traded at $36.12. 9,838,340 shares were traded during mid-day trading, an increase of 291% from the average session volume of 2,513,000 shares. The stock had previously closed at $41.17.

Several analysts have commented on the stock. Oppenheimer Holdings, Inc. set a $70.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research raised shares of Mallinckrodt PLC from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. BMO Capital Markets reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Mallinckrodt PLC in a research report on Friday, July 28th. Canaccord Genuity set a $87.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Monday, July 17th. Finally, Piper Jaffray Companies set a $85.00 price objective on shares of Mallinckrodt PLC and gave the stock a “buy” rating in a research report on Sunday, July 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $68.49.

The stock’s market capitalization is $3.53 billion. The company’s 50-day moving average is $40.55 and its 200 day moving average is $44.05.

Mallinckrodt PLC (NYSE:MNK) last posted its earnings results on Tuesday, August 8th. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.12. Mallinckrodt PLC had a net margin of 12.64% and a return on equity of 15.28%. The firm had revenue of $824.50 million during the quarter, compared to analyst estimates of $829.56 million. During the same period last year, the firm posted $2.03 earnings per share. Mallinckrodt PLC’s revenue for the quarter was down 4.9% compared to the same quarter last year. Equities analysts forecast that Mallinckrodt PLC will post $7.44 EPS for the current year.

In other Mallinckrodt PLC news, VP Steven J. Romano bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was purchased at an average cost of $39.88 per share, with a total value of $39,880.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Meredith B. Fischer bought 1,280 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was acquired at an average cost of $39.63 per share, with a total value of $50,726.40. The disclosure for this purchase can be found here. Company insiders own 0.77% of the company’s stock.

Several hedge funds have recently bought and sold shares of MNK. Profund Advisors LLC grew its holdings in shares of Mallinckrodt PLC by 3.6% in the first quarter. Profund Advisors LLC now owns 6,399 shares of the company’s stock valued at $285,000 after purchasing an additional 220 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Mallinckrodt PLC by 3.9% in the first quarter. ProShare Advisors LLC now owns 33,133 shares of the company’s stock valued at $1,477,000 after purchasing an additional 1,259 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Mallinckrodt PLC by 42.5% in the first quarter. Janney Montgomery Scott LLC now owns 22,320 shares of the company’s stock valued at $995,000 after purchasing an additional 6,657 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Mallinckrodt PLC by 10.8% in the first quarter. Russell Investments Group Ltd. now owns 142,217 shares of the company’s stock valued at $6,340,000 after purchasing an additional 13,873 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Mallinckrodt PLC by 324.6% in the first quarter. IFP Advisors Inc now owns 2,518 shares of the company’s stock valued at $112,000 after purchasing an additional 1,925 shares in the last quarter. 97.48% of the stock is owned by hedge funds and other institutional investors.

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About Mallinckrodt PLC

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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