Long
$MNK Looks To Be Turning For The Better
MNK has been badly beaten up over the opioid crisis. It's been a favorite of the shorts and they have banked 77% ytd. However, we think judging by the chart, that MNK has turned the corner and is set to keep climbing. Shorts can help this climb as 55% of the float has been sold short. We could see a massive short covering rally.The latest news is Mallinckrodt (NYSE:MNK) announces positive findings from a large retrospective study of Acthar Gel in the treatment of the respiratory disease symptomatic sarcoidosis.
The company says analysis of a test of 302 patients showed that the use of Acthar Gel was associated with improved overall health status in 95% of patients as reported by physicians' assessments, with more than half of patients (54%) seeing improvements in two or more symptoms.
Acthar Gel is approved by the FDA for the treatment of symptomatic sarcoidosis.
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. It operates in two segments, Specialty Brands, and Specialty Generics and Amitiza. The company markets branded pharmaceutical products for autoimmune and rare diseases in the areas of neurology, rheumatology, nephrology, ophthalmology, and pulmonology; and immunotherapy and neonatal respiratory critical care therapies, as well as analgesics and gastrointestinal products. It offers H.P. Acthar Gel, an injectable drug for rheumatoid arthritis, multiple sclerosis, infantile spasms, systemic lupus erythematosus, polymyositis, and others; Inomax, a vasodilator to enhance oxygenation and reduce the need for extracorporeal membrane oxygenation; Ofirmev, an intravenous formulation of acetaminophen for pain management; and Therakos photopheresis, an immunotherapy treatment platform. The company is also developing Terlipressin for the treatment of hepatorenal syndrome; StrataGraft, which is in Phase III and II clinical development for the treatment of burns; Stannsoporfin, a heme oxygenase inhibitor for the treatment of jaundice; Xenon gas for inhalation; MNK-6105 and MNK-6106, an ammonia scavenger for the treatment of hepatic encephalopathy, a neuropsychiatric syndrome associated with hyperammonemia; VTS-270 that is in Phase III development for Niemann-Pick Type C, a neurodegenerative disease; and CPP-1X/sulindac, which is in Phase III development for Familial Adenomatous Polyposis. It markets its branded products to physicians, pharmacists, pharmacy buyers, hospital procurement departments, ambulatory surgical centers, and specialty pharmacies. Mallinckrodt plc has collaboration with the Washington University School of Medicine and Silence Therapeutics plc. The company was founded in 1867 and is based in Staines-Upon-Thames, the United Kingdom.
As always, use protective stops and trade with caution.
Good luck to all!
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