Mallinckrodt Makes New All-Time Low By A Wide Margin

Mallinckrodt PLC (NYSE:MNK) shares are trading lower by $10.80, or 34 percent, at $20.39 in Tuesday's session.

Before the open, the drug maker reported a mixed Q3 report that beat EPS estimates by 16 cents but came up shy on sales by $18 million.

After a lower open, Mallinckrodt attempted to rally but found sellers at $26.91 and resumed its move lower. The ensuing decline took the stock to $19.00 before rebounding into the $20.00 handle. That new all-time low far surpasses its former all-time low that was made on Friday at $30.08.

Today's price action is taking place on much higher than average volume as 28 million shares have traded, compared to its 20-day average of only 2.96 million.