Goldman Sachs analyst Dana Flanders downgraded Mallinckrodt plc (NYSE: MNK) from Neutral to Sell with a price target of $28.00 (from $27.00).
The analyst is incrementally more positive as Acthar trends stabilize and the equity trades off the lows. The analyst is expecting upside to H2 2018 Acthar estimates. Flanders sees risk to the pipeline and has reason to be cautious on Acthar into 2019 and the expects LT pressures to re-emerge.
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