Mallinckrodt (MNK) Valuation Range, Estimates Cut at Wells Fargo on Methyphenidate ER Issue

Wells Fargo analyst David Maris lowered his valuation range on Mallinckrodt plc (NYSE: MNK) from $88-$89 to $83-$84 after the the FDA announced a proposal to withdraw approval of an ANDA for methylphenidate hydrochloride (HCl) extended-release (ER) tablets.

The firm lowered Q4 estimate by $0.04 from $1.90 to $1.86 based on the assumption MNK's generic methylphenidate ER is pulled from the market this quarter. In addition, they reduced 2017 estimate by $0.50 from $8.25 to $7.75.

The firm maintained an Outperform rating.

For an analyst ratings summary and ratings history on Mallinckrodt plc click here. For more ratings news on Mallinckrodt plc click here.

Shares of Mallinckrodt plc closed at $64.96 yesterday.

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