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Mallinckrodt PLC (NYSE: MNK) shares are trading lower by $4.50 (8 percent) at $53.27 in Tuesday's session. Despite a Q4 EPS beat of a nickel along with slight revenue beat, the issue has found nothing but sellers off the opening bell.

After a lower open, it found resistance ahead of Monday's close ($57.67), only reaching $57.16 before sellers flooded the issue. The ensuing decline has taken the issue as low as $51.55, but rebounded back into the $53 handle.

The current low coincides with a trio of lows at the $51 area from mid-March.

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