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Mallinckrodt: New 52-Week Low Set Today (MNK)

By Shiri Gupta

Mallinckrodt (NYSE:MNK) traded today at a new 52-week low of $6.60. This new low was reached on below average trading volume as 1.7 million shares traded hands, while the average 30-day volume is approximately 2.6 million shares.

Mallinckrodt plc, together with its subsidiaries, develops, manufactures, markets, and distributes specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa, and internationally.

In the past 52 weeks, shares of Mallinckrodt have traded between the current low of $6.60 and a high of $36.65 and are now at $6.60. In the last five trading sessions, the 50-day moving average (MA) has fallen 8% while the 200-day MA has slid 2.7%.

Potential upside of 187.9% exists for Mallinckrodt, based on a current level of $6.60 and analysts' average consensus price target of $19.00. The stock should find initial resistance at its 50-day moving average (MA) of $9.90 and further resistance at its 200-day MA of $19.34.

SmarTrend recommended that its subscribers protect gains by selling shares of Mallinckrodt on April 18th, 2019 by issuing a Downtrend alert when the shares were trading at $18.65. Since that call, shares of Mallinckrodt have fallen 62.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows mallinckrodt

Ticker(s): MNK