Mallinckrodt Spikes On Citron Tweet
Mallinckrodt PLC (NYSE: MNK) is up roughly 4 percent at $54.80 on Friday.
Contributing to the spike is a tweet from Citron Research, which read: "Clarification: Citron does not recommend short $MNK at $54 for short-term. Wait for fundamentals to ‘kick in' and guide lower –like $VRX."
This is not the first time the stock has moved on Citron news.
Earlier in the week, an article from The Street cited Citron's Andrew Left commenting on Mallinckrodt and Valeant Pharmaceuticals Intl Inc (NYSE: VRX). According to the article, the analyst called Mallinckrodt the "poster child" for price gouging and stated, "Mallinckrodt is squeaking by without anyone talking about it. Mallinckrodt makes Valeant look like a bunch of choirboys."
Subsequently, Mallinckrodt fell subject to a related selloff.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.