Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Shares of Mallinckrodt PLC (NYSE: MNK) sold off Wednesday after Citron Research released a new thesis on the maligned pharmaceutical company.
The new report valued the stock at $20 and alleged the company "has committed fraud [emphasis omitted] by lying to the investing public about the company’s dependence on the Medicare system."
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Left appeared on Bloomberg TV around 2:30 p.m. ET to discuss his thesis.
Left said, "I think this is one of the many frauds Mallinckrodt is committing on the drug, securities industries." At one point, he challenged the company to sue him.
Left said, "Acthar dwarfs EpiPen when it comes to medicare reimbursements" and no matter what the backlash was against the EpiPen, "at least it worked."
The EpiPen Controversy
Back in August, Mylan NV (NASDAQ: MYL) received overwhelming criticism for increasing the price of its life-saving EpiPen product 400 percent while raising the Mylan CEO’s salary by 600 percent.
In a mid-day note, Mizuho's Irina Koffler defended Mallinckrodt, saying Citron is actually the one misleading investors. She explained, "While a significant number of Acthar-treated patients may be covered by Medicare/Medicaid, we think that the cost of the system is heavily rebated and inaccurately reflected in the dashboards."
Shares of Mallinckrodt traded recently at $61.41, down about 9.4 percent on the day.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.