'The opiate litigation storm is speeding up,' Trucchio wrote. He says court rulings could signal further losses for the company.
Patrick Trucchio, one of two remaining analysts covering drugmaker Mallinckrodt, lowered his price target to $1 and said the company shares could fall to $0. Shares fell to an all-time low on the news. The stock has fallen more than 85% this year as Mallinckrodt has been criticized for its role in the opioid crisis. The downgraded rating is due to increased litigation risk for the company. Trucchio raised his assumption of liability to $3 billion from $1.5 billion for the company.
Patrick Trucchio, one of two remaining analysts covering drugmaker Mallinckrodt, lowered his price target to $1 and said the company shares could fall to $0. Shares fell to an all-time low on the news. The stock has fallen more than 85% this year as Mallinckrodt has been criticized for its role in the opioid crisis. The downgraded rating is due to increased litigation risk for the company. Trucchio raised his assumption of liability to $3 billion from $1.5 billion for the company.
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