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Huge over sale on MNNKQ today on OCC committee hearing, still at good buy in, if you're looking to pick up shares..
Zack's has moved MNKKQ to a 1 ( strong buy ), also they've a $13.79 book value with an .07 P/E. Great long term buy. After New York signs off on deal, stock will have a huge spike. This company has been around since 1867, it's unlikely they're going under, buyout maybe, but not out of business.
Good Afternoon Traders, can someone tell me if they've a court date set yet , by the U.S. Supreme Court?
February 10, 2020 02:43 PM ET
It appears more and more likely a case against opioid manufacturers and distributors will proceed to trial in New York state, keeping Bank of America bearish on the companies despite recent performance.
The recent denial of a motion to delay the case — which the state brought against the companies —and other factors make it look likely it will go to trial as scheduled March 20, BofA Securities analyst Jason Gerberry said in a Monday note.
That's leading Gerberry to keep Underperform ratings on industry stocks in his coverage, including opioid manufacturers Teva Pharmaceutical Industries Ltd (NYSE:TEVA) and Mallinckrodt PLC (NYSE:MNK), even though they've generally outperformed the market.
What To Know About The New York Opioid Case
Lawsuits against opioid makers and distributors from eight New York counties were consolidated into one case brought by the New York attorney general in 2017.
Initially the case was focused on Purdue Pharma, which New York accused of helping create the opioid epidemic, but the company went bankrupt. That led to the case changing focus to a broader list of allegations against other manufacturers and distributors.
Gerberry said the case has gotten investor attention recently as a trial has approached with no updates on potential settlements.
"The ongoing opioid litigation remains in its early innings and the financial risk remains difficult to quantify, which is a key reason we are Underperform rated on the companies with opioid exposure in our coverage," the analyst said.
Other Opioid Cases
So far, two other cases elsewhere in the country have ended in settlements. In another case, in Oklahoma, a judge ordered Johnson & Johnson (NYSE:JNJ) to pay more than $500 million for its alleged role in the epidemic.
A proposed $48-billion settlement framework was announced in October, but most states have declined to participate in the settlement approach.
Gerberry said downside risk isn't fully priced in to Teva and Mallinckrodt as the New York trial approaches, but also because other state litigation, including a case in Ohio, persists.
Also, it has been months since the settlement framework, but few states have seemed interested. Without a global settlement, even if states do settle in piecemeal fashion, it could stretch out costs over a long time, he said.
Gerberry also noted a recent buy-side survey that "suggests institutional investors are bearish on opioid-exposed names ahead of (the New York) case, which runs counter to recent outperformance."
Besides New York, other cases against the opioid industry that could go to trial in 2020 include those in Ohio, Alabama, Mississippi, Louisiana and Washington.
FNMA report for 1-13-2020 A deep analysis of how Fannie Mae (OTCMKTS:FNMA) has been trading over the last 2 weeks and the past day especially. On its latest session, Fannie Mae (OTCMKTS:FNMA) opened at 3.42, reaching a high of 3.44 and a low of 3.26 before closing at a price of 3.29. There was a total volume of 2359291.
VOLUME INDICATORS: We saw an accumulation-distribution index of 60.33987, an on-balance volume of 3.4299, chaikin money flow of 17.0 and a force index of 0.00524. There was an ease of movement rating of 0.00031, a volume-price trend of 0.14258 and a negative volume index of 1000.0.
VOLATILITY: We noted an average true range of 0.12109, bolinger bands of 3.47056, an upper bollinger band of 3.15944, lower bollinger band of 3.26, a bollinger high band indicator of 1.0, bollinger low band indicator of 1.0, a central keltner channel of 3.37333, high band keltner channel of 3.35333, low band keltner channel of 3.39333, a high band keltner channel indicator of 1.0 and a low band keltner channel indicator of 1.0. There was a donchian channel high band of 3.26, a donchian channel low band of 3.26, a donchian channel high band indicator of 1.0, and a donchian channel low band indicator of 1.0.
TREND: We calculated a Moving Average Convergence Divergence (MACD) of 0.00247, a MACD signal of 0.00137, a MACD difference of 0.0011, a fast Exponential Moving Average (EMA) indicator of 3.26, a slow Exponential Moving Average (EMA) indicator of 3.26, an Average Directional Movement Index (ADX) of unknown, an ADX positive of 20.0, an ADX negative of 20.0, a positive Vortex Indicator (VI) of 1.0, a negative VI of 1.0, a trend vortex difference of 0.24652, a trix of 2.83131, a Mass Index (MI) of 1.0, a Commodity Channel Index (CCI) of 66.66667, a Detrended Price Oscillator (DPO) of -0.13788, a KST Oscillator (KST) of 44.16364 and a KST Oscillator (KST Signal) of 44.16364 (leaving a KST difference of 8.80813). We also found an Ichimoku rating of 3.43, an Ichimoku B rating of 3.43, a Ichimoku visual trend A of 3.29695, an Ichimoku visual trend B of 3.24652, an Aroon Indicator (AI) up of 4.0 and an AI indicator down of 4.0. That left a difference of 4.0.
MOMENTUM: We found a Relative Strength Index (RSI) of 50.0, a Money Flow Index (MFI) of 100.0, a True Strength Index (TSI) of 100.0, an ultimate oscillator of 46.28782, a stochastic oscillator of 900.0, a stochastic oscillator signal of 900.0, a Williams %R rating of 800.0 and an awesome oscillator of -0.01092.
RETURNS: There was a daily return of 4.41636, a daily log return of 3.31855 and a cumulative return of 3.37423.
FNMA 10/24/2019 2 wk analysis. On its latest session, Fannie Mae (OTCMKTS:FNMA) opened at 3.26, reaching a high of 3.29 and a low of 3.13 before closing at a price of 3.15.
VOLUME INDICATORS: We saw an accumulation-distribution index of 13.59033, an on-balance volume of -3.245, chaikin money flow of 3.0 and a force index of -0.00084. There was an ease of movement rating of 0.00289, a volume-price trend of 0.25039 and a negative volume index of 1000.0.VOLUME INDICATORS: We saw an accumulation-distribution index of 13.59033, an on-balance volume of -3.245, chaikin money flow of 3.0 and a force index of -0.00084. There was an ease of movement rating of 0.00289, a volume-price trend of 0.25039 and a negative volume index of 1000.0.
VOLATILITY: We noted an average true range of 0.11951, bolinger bands of 3.23, an upper bollinger band of 3.23, lower bollinger band of 3.23, a bollinger high band indicator of 1.0, bollinger low band indicator of 1.0, a central keltner channel of 3.33, high band keltner channel of 3.23, low band keltner channel of 3.43, a high band keltner channel indicator of 1.0 and a low band keltner channel indicator of 1.0. There was a donchian channel high band of 3.23, a donchian channel low band of 3.23, a donchian channel high band indicator of 1.0, and a donchian channel low band indicator of 1.0.
TREND: We calculated a Moving Average Convergence Divergence (MACD) of -0.00434, a MACD signal of -0.00178, a MACD difference of -0.00256, a fast Exponential Moving Average (EMA) indicator of 3.23, a slow Exponential Moving Average (EMA) indicator of 3.23, an Average Directional Movement Index (ADX) of unknown, an ADX positive of 20.0, an ADX negative of 20.0, a positive Vortex Indicator (VI) of 1.0, a negative VI of 1.0, a trend vortex difference of 2.16264, a trix of 3.22651, a Mass Index (MI) of 1.0, a Commodity Channel Index (CCI) of -66.66667, a Detrended Price Oscillator (DPO) of -0.23386, a KST Oscillator (KST) of 78.05376 and a KST Oscillator (KST Signal) of 78.05376 (leaving a KST difference of -10.38373). We also found an Ichimoku rating of 3.38, an Ichimoku B rating of 3.38, a Ichimoku visual trend A of 3.22572, an Ichimoku visual trend B of 3.2274, an Aroon Indicator (AI) up of 4.0 and an AI indicator down of 4.0. That left a difference of -8.0.
MOMENTUM: We found a Relative Strength Index (RSI) of 50.0, a Money Flow Index (MFI) of 100.0, a True Strength Index (TSI) of 100.0, an ultimate oscillator of 70.04733, a stochastic oscillator of 200.0, a stochastic oscillator signal of 200.0, a Williams %R rating of 100.0 and an awesome oscillator of -0.01083.
RETURNS: There was a daily return of 7.80538, a daily log return of -4.4311 and a cumulative return of -4.33437.
12/10/2019 S&P upgrades Mallinckrodt to "CCC"
Be careful with this stock, there's talk of a 1 to 10 reverse split, but probably more likely a 1 to 25 split, which from my past 23 years experience is always a loser after that kind of split. I myself hold 240k shares, but I'm watching it closely incase I need to dump it.
Endo International (ENDP) and Mallinckrodt (MNK) have been sued by West Virginia Attorney General Patrick Morrisey in relation to opioid addiction risks.
Two separate suits were filed in Boone County court and are seeking monetary damages.
The lawsuits accuse the companies of contributing "to the opioid crisis by individually engaging in strategic campaigns to deceive prescribers and misrepresent the risks and benefits of opioid painkillers," according to the AG's statement.
It said the companies "mischaracterized and failed to disclose the serious risk of addiction, overstated the benefits of chronic opioid therapy and promoted higher dosage amounts without disclosing inherently greater risks."
That is not Mallinckrodt..... So I don't know why you're asking this board.
Nov. 19, 2019 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a global biopharmaceutical company, will present on Tuesday, Dec. 3, 2019 , at the Piper Jaffray Annual Healthcare Conference at the Lotte New York Palace, 455 Madison Ave , New York.
Mark Trudeau , President and Chief Executive Officer, and Steven Romano , M.D., Executive Vice President and Chief Scientific Officer, will represent the company in a fireside chat at 8:30 a.m. Eastern.
Individuals who cannot attend the meeting in person can find webcast information at: http://www.mallinckrodt.com/investors. A replay will also be available following the meeting.
ABOUT MALLINCKRODT Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt , visit www.mallinckrodt.com.
Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.
Chesapeake Energy might survive next year after all, Morgan Stanley say's
Chesapeake Energy's stock is down more than 50% since its Nov. 5 warning that it may not be able to continue operating as a "going concern." On Wednesday, Morgan Stanley downgraded Chesapeake stock (ticker: CHK) after launching a review of its rating and price target last week. Yet the bank's team of seven energy-industry analysts seems optimistic about the Oklahoma City -- based oil and gas producer's ability to maneuver and avoid a default next year.
The bank downgraded the stock one notch to Equal-Weight, the equivalent of Hold, from Overweight. And while it cut its share-price target by $1 , its new target of $1.25 was still about 87% higher than Tuesday's closing price of 67 cents per share -- the stock's lowest price in more than 25 years.
To understand the reasons for Morgan Stanley's optimism, it helps to know the details of why Chesapeake is on the road to default in the first place.
At issue is the company's $3 billion line of bank credit and the terms of that credit facility's contract. Unless oil and gas prices rally, Chesapeake will probably have more debt than the credit facility allows by the third quarter of next year, analysts say.
Read more: Oil Stocks' Dividends Are Rising. Investors Still Aren't Biting.
Morgan Stanley's analysts don't expect an energy-price rebound. But they do list a few ways the company could avoid a default next year. It could sell assets to repay debt, refinance its debt, swap out some of its bonds for equity, or cut costs. In fact, it will probably have to do more than one of those things to reduce debt enough to meet the contract's requirements, they argue.
Chesapeake may also need to ask for a temporary grace period from its lenders in the form of a waiver that would allow it to temporarily carry higher debt than its credit contract permits, according to the bank.
There are still risks that these measures wouldn't be enough, the analysts say. "We expect management to be proactive on this front in the coming months, as further declines in oil or natural gas prices would make the path forward much more challenging," they wrote. Even so, Chesapeake's shareholders seemed to take a more upbeat view on the stock Wednesday as crude-oil prices climbed. The stock was up 7.3% around midday, at 72 cents , while the S&P 500 was up 0.1%.
I just put in an order for 18k more shares, I sold half of what I bought yesterday this morning in pre-market, This stock is to volatile to hold on too long term right now.
Chesapeake's stock falls too lowest price in 25 years, as going concern weighs
Natural-gas producer may be 'too big to fail,' according to one analyst
Chesapeake Energy Corp. shares took another dive Tuesday, pushing them well below $1 to hit their lowest price in more than 25 years as the natural-gas producer's going-concern warning continued to reverberate in the equity markets and beyond.
Chesapeake Energy (CHK) stock lost 17% to end at 67 cents , its lowest close since May 9, 1994 . It traded as low as 64 cents , the lowest intraday level since February 1999 . The stock has been down for six straight sessions, losing nearly 57% during that period, its worst six-day stretch on record.
The natural-gas producer last week rang the alarm in its quarterly filing with regulators and reported a quarterly loss that was wider than Wall Street expected. (http://www.marketwatch.com/story/chesapeake-energy-stock-dives-on- heavy-volume-after-yet-another-earnings-miss-2019-11-05)
Chesapeake's most actively-traded bonds by volume on Tuesday fetched an average of 55.29 cents on the dollar, a record low, according to bond pricing and trading platform MarketAxess. Bond prices move in the opposite direction of yields, putting the same Chesapeake 8% coupon bonds due in 2027 at a yield of about 19.55%.
Chesapeake said in a press release late Tuesday that, before the start of the trading session, NGP Energy Capital Management LLC had informed Chesapeake that it was making "an in-kind pro-rata distribution" of its 310.8 million Chesapeake shares to the partners of investment funds that NGP manages.
According to FactSet, the 310.8 million shares is the largest stake held in Chesapeake at 15.9%, though it lists the owner by a slightly different name, Natural Gas Partners LLC . "Chesapeake continues to strongly believe our current capital and operating program, coupled with the planned 30% reduction in capital expenditures in 2020, will strengthen the financial position of the company for the long term," Chief Executive Doug Lawler said in the statement. After the announcement, the stock rose 7% in the extended session. "'Too big to fail' remains the prevailing view on Chesapeake," said Paul Sankey , an analyst with Mizuho.
Shares have traded below $5 for almost four years, but having language around the solvency of the company in writing perhaps "was the flashpoint," said James Mick , a portfolio manager with Tortoise Advisors
Bio-Tech Stocks in focus
Mallinckrodt Reports Positive Efficacy Data For Acthar Gel
Mallinckrodt PLC (NYSE:MNK) announced Phase 4 data on patient-reported outcomes for its Acthar Gel (repository corticotrophin injection), which showed improved disease measures that impact rheumatoid arthritis patients with persistently active disease, as early as Week 4, and resulted in clinically meaningful improvements in PROs. The data was presented at the American College of Rheumatology/Association of Rheumatology Professionals 2019 annual meeting.
The stock rose 1.79% to $2.85 in after-hours trading.
November 12, 2019 04:32 PM ET (BZ Newswire) -- Biotech
New analysis from Phase 4 study in RA showed that statistically significant improvement from baseline in patient-reported outcomes for pain, fatigue, physical functioning and work-related impairment was associated with Acthar Gel treatment - -- Results from an exploratory analysis showed bone and cartilage biomarker levels in patients treated with Acthar Gel were largely stable and markers of bone degeneration remained stable.
STAINES-UPON-THAMES, United Kingdom, Nov. 12, 2019 /PRNewswire/
Mallinckrodt plc (NYSE:MNK), a global biopharmaceutical company, today announced data on patient-reported outcomes (PROs) showing Acthar® Gel (repository corticotropin injection) improved disease measures that impact rheumatoid arthritis (RA) patients with persistently active disease, as well as new data from an exploratory analysis. The data originate from new analyses from Mallinckrodt's Phase 4 study of Acthar Gel in RA patients with persistently active disease and was recently presented at the 2019 American College of Rheumatology/Association of Rheumatology Professionals (ACR/ARP) Annual Meeting, held Nov. 8-13 in Atlanta.
November 12, 2019 04:32 PM ET (BZ Newswire) -- Biotech
New analysis from Phase 4 study in RA showed that statistically significant improvement from baseline in patient-reported outcomes for pain, fatigue, physical functioning and work-related impairment was associated with Acthar Gel treatment - -- Results from an exploratory analysis showed bone and cartilage biomarker levels in patients treated with Acthar Gel were largely stable and markers of bone degeneration remained stable.
STAINES-UPON-THAMES, United Kingdom, Nov. 12, 2019 /PRNewswire/
Mallinckrodt plc (NYSE:MNK), a global biopharmaceutical company, today announced data on patient-reported outcomes (PROs) showing Acthar® Gel (repository corticotropin injection) improved disease measures that impact rheumatoid arthritis (RA) patients with persistently active disease, as well as new data from an exploratory analysis. The data originate from new analyses from Mallinckrodt's Phase 4 study of Acthar Gel in RA patients with persistently active disease and was recently presented at the 2019 American College of Rheumatology/Association of Rheumatology Professionals (ACR/ARP) Annual Meeting, held Nov. 8-13 in Atlanta.
November 12, 2019 04:32 PM ET (BZ Newswire) -- Biotech
New analysis from Phase 4 study in RA showed that statistically significant improvement from baseline in patient-reported outcomes for pain, fatigue, physical functioning and work-related impairment was associated with Acthar Gel treatment - -- Results from an exploratory analysis showed bone and cartilage biomarker levels in patients treated with Acthar Gel were largely stable and markers of bone degeneration remained stable.
STAINES-UPON-THAMES, United Kingdom, Nov. 12, 2019 /PRNewswire/
Mallinckrodt plc (NYSE:MNK), a global biopharmaceutical company, today announced data on patient-reported outcomes (PROs) showing Acthar® Gel (repository corticotropin injection) improved disease measures that impact rheumatoid arthritis (RA) patients with persistently active disease, as well as new data from an exploratory analysis. The data originate from new analyses from Mallinckrodt's Phase 4 study of Acthar Gel in RA patients with persistently active disease and was recently presented at the 2019 American College of Rheumatology/Association of Rheumatology Professionals (ACR/ARP) Annual Meeting, held Nov. 8-13 in Atlanta.
Mallinckrodt Highlights Presentation Of Phase 3 Results From CONFIRM Study Of Terlipressin For HRS-1; Study Met Primary Endpoint
Mallinckrodt plc (NYSE:MNK), a global biopharmaceutical company, today announced results from its pivotal Phase 3 CONFIRM study to assess the efficacy and safety of its investigational agent terlipressin in adults with hepatorenal syndrome type 1 (HRS-1). HRS-1 is an acute and life-threatening syndrome involving acute kidney failure in people with cirrhosis.1 Results were reported during a late-breaking abstract presentation today at The Liver Meeting® 2019, the annual meeting of the American Association for the Study of Liver Diseases (AASLD), in Boston. The CONFIRM abstract was also selected by AASLD for inclusion in its prestigious "Best of the Liver Meeting" educational program in the portal hypertension/cirrhosis category.
In the 35-month study period, 300 patients from the U.S. (89 percent) and Canada (11 percent) participated in the largest-ever prospective, multi-center randomized controlled clinical trial in HRS-1. Patients in the study were critically ill, as indicated by assessments of their liver and kidney function at the start of the trial. Patients in the trial had a mean Model for End-Stage Liver Disease (MELD) score of 33; a mean serum creatinine (SCr) level of 3.5 mg/dL; and 61 percent were categorized as Child-Pugh Class C.2
The study met its primary endpoint of Verified HRS Reversal (VHRSR), which is defined as renal function improvement, avoidance of dialysis and short-term survival. 29.1 percent (58/199) of patients administered terlipressin plus albumin achieved Verified HRS Reversal versus 15.8 percent (16/101) on placebo plus albumin (p=0.012). In order to achieve Verified HRS Reversal, patients had to have two consecutive SCr values ≤1.5 mg/dL, at least two hours apart by day 14 or hospital discharge, and be alive without intervening renal replacement therapy (RRT) for at least 10 days following discharge or treatment.2 "HRS-1 is a rapidly progressing and often fatal disease that is extremely difficult to diagnose and treat, and many patients don't live beyond a few weeks without treatment. The results from the CONFIRM trial are very encouraging, and show terlipressin, if approved, has the potential to reverse the course of HRS-1 as measured by renal function improvement, avoidance of dialysis and short-term survival," said presenting author Florence Wong, MBBS, MD, FRACP, FRCPC, hepatologist at Toronto General Hospital, and professor of Medicine at the University of Toronto. "These results provide important information that may help the healthcare community better manage this critically ill and underserved patient population."
HRS-1 has a median survival time of less than two weeks and greater than 80 percent mortality within three months if left untreated.3,4 At present, there are no approved drug therapies for HRS-1 in the U.S. or Canada.5 HRS-1 is estimated to affect between 30,000 and 40,000 patients in the U.S. annually.6,7 Terlipressin is an investigational product and its safety and effectiveness have not yet been established by the U.S. FDA or Health Canada. The company plans to submit a New Drug Application to the U.S. Food and Drug Administration (FDA) in the first half of 2020.
"We are grateful to all the patients and investigators who participated in the CONFIRM trial and greatly encouraged by the positive results, which demonstrated that terlipressin may have a potential impact on the progressively worsening kidney function that is the hallmark of HRS-1," said Steven Romano, M.D., Executive Vice President and Chief Scientific Officer at Mallinckrodt. "Today marks the culmination of a long clinical development journey led by our passionate, dedicated clinical development team. The results from this largest-ever prospective phase 3 clinical trial in HRS-1 provide meaningful insight into the management of HRS-1 in clinical practice."
CONFIRM Study Key Findings2
The study met its primary endpoint of Verified HRS Reversal, defined as two consecutive SCr values ≤1.5 mg/dL, at least two hours apart by day 14 or discharge, with subjects alive without RRT for at least 10 days after the second SCr ≤1.5 mg/dL. 29.1 percent (n=58) of patients treated with terlipressin plus albumin compared to 15.8 percent (n=16) of patients treated with placebo plus albumin (p=0.012) achieved Verified HRS Reversal.
The four pre-specified secondary endpoints of the study were:
HRS reversal: 36.2 percent (n=72) of patients in the terlipressin group demonstrated HRS reversal, defined as the percentage of participants with a SCr value no more than 1.5 mg/dL by day 14 or discharge versus 16.8 percent (n=17) on placebo (p<0.001). Durability of/maintaining HRS reversal: 31.7 percent of patients receiving terlipressin (n=63) maintained HRS reversal without RRT/dialysis up to day 30 versus 15.8 percent (n=16) in the placebo group (P<0.003).HRS reversal in the systemic inflammatory response syndrome (SIRS) subgroup: 33.3 percent (28/84) of patients with SIRS in the terlipressin arm achieved Verified HRS reversal versus 6.3 percent (3/48) in the placebo arm (p<0.001).
Verified HRS Reversal without HRS recurrence by day 30: 24.1 percent (n=48) of patients on terlipressin and 15.8 percent (n=16) of patients in the placebo group (p=0.092) achieved Verified HRS Reversal without recurrence by day 30.
Adverse events (AEs) were similar in both groups. Serious AEs were reported in 65 percent (n=130) of subjects in the terlipressin group and 60.6 percent (n=60) in the placebo group. The most commonly reported serious AEs included respiratory failure, which occurred in 10 percent of the terlipressin group and 3 percent of the placebo group; and abdominal pain, which occurred in 5 percent of the terlipressin group and 1 percent of the placebo group. The most commonly reported AEs included abdominal pain, which occurred in 19.5 percent of the terlipressin group and 6.1 percent of the placebo group; and nausea, which occurred in 16 percent of the terlipressin group and 10.1 percent of the placebo group. Ischemia-associated AEs occurred in 4.5 percent of the terlipressin group and 0 percent in the placebo group. No new or unexpected AEs were reported.
At least you can get a tax write off from them this year...Not that it's a good thing
Chesapeake stock keeps sinking, heads for 5th straight loss after going concern warning
Shares of Chesapeake Energy Corp. (CHK) sank 2.9% toward another 20-year low (http://www.marketwatch.com/story/ Chesapeake stock breaks-the-buck-for-the-first-time-in-20-years-2019-11-06) in morning trading Monday, as part of the continued fallout from the "going concern" warning (http://www.marketwatch.com/story/chesapeake-energy-stock- dives-on-heavy-volume-after-yet-another-earnings-miss-2019-11-05) the oil and natural gas company stated in its quarterly filing last week. The stock was headed for a fifth-straight loss, and has plunged 44% over that time. With over 17 million shares traded, the stock is the most actively traded on major U.S. exchanges. The stock has now shed 58% year to date, while the SPDR Energy Select Sector ETF (XLE) has gained 5.2% and the S&P 500 has climbed 23%.
Mallinckrodt to Pay Executive Bonuses as Opioid Cases Loom
Mallinckrodt plans to pay more than $4.2 million in bonuses to retain top executives, as the drugmaker looks to avoid bankruptcy and settle more than 2,500 state and local government lawsuits over its handling of opioid painkillers.
The St. Louis-based drug distributor said in a Nov. 5 securities filing that it, or one of its units, may have to restructure the company’s “obligations in a bankruptcy proceeding” if a global deal can’t be reached to wipe out all opioid liability.
In a separate filing the same day, Mallinckrodt said it agreed to pay retention bonuses to its top executives, including Chief Executive Officer Mark Trudeau, who stands to get more than $1.5 million. The company’s chief financial, legal and scientific officers will also get extra compensation to remain in their jobs.
Mallinckrodt shares fell 8.8% to $2.76 at 10:13 a.m. in New York, falling sharply for the third consecutive trading session. The company’s bonds were among the top decliners in the U.S. high-yield market on Thursday, according to Trace bond-trading data. Mallinckrodt’s notes due 2023 and 2025 both fell more than 4 and 5 cents on the dollar to trade around 24 cents.
Mallinckrodt, along with fellow drug distributors McKesson Corp. and Cardinal Health Inc., and opioid makers Johnson & Johnson and Teva Pharmaceutical Industries Ltd., are talking with state attorneys generals and the municipalities’ lawyers about a global settlement. Some of those companies have floated a deal valued at almost $50 billion.
“It’s unusual for a company to pay those bonuses prior to a Chapter 11 filing,” said Chuck Tatelbaum, a Florida-based bankruptcy attorney who has worked on dozens of reorganizations. “I see this as some real message-sending to the local governments that they better get a deal done or the thing will land in bankruptcy court.”
The retention payments were determined to be appropriate by a committee of the board of directors, Mallinckrodt said in a statement. The company declined to comment on whether the bonuses were meant to keep the executives around to help navigate a potential bankruptcy.
“We are navigating a challenging market environment and working to achieve a number of key objectives, including addressing near-term debt maturities, resolving opioid claims and pursuing a separation of the specialty generics business,” the company said in a statement.
Teva is offering $23 billion in donated opioid-treatment drugs plus $250 million in cash while J&J has said it’s willing to kick in $4 billion in cash. Another $18 billion in cash would come from McKesson, Cardinal Health and AmerisourceBergen Corp. Mallinckrodt hasn’t made public what it’s offering to resolve the cases.
Many cities and counties -- along with some states -- have turned their noses up at the current offer, saying it isn’t enough to address the fallout from opioid addictions and overdoses across the U.S.
Local governments in hard-hit states including Ohio, West Virginia and Kentucky have accused opioid makers, distributors and pharmacy chains of understating the risks of prescription opioids, overstating their benefits, failing to halt suspiciously large shipments, and ignoring red flags about repeated retail sales.
“We are aware of Mallinckrodt’s risk of bankruptcy and we are willing to discuss a reasonable resolution with them,” Joe Rice, one of the lawyers leading the cities’ and counties’ cases, said Wednesday. He’s also one of the leaders in the settlement talks.
Mallinckrodt has made no secret that its looming opioid liability has the distributor feeling the financial heat. The company faces a $5 billion debt load and said in securities filings that it may be forced to pay “material amounts” as part of any opioid settlement.
Some analysts have estimated it could take as much as $150 billion in total to wipe out all liability for companies that made, sold or distributed opioids.
In September, Mallinckrodt hired restructuring experts from AlixPartners LLP. Earlier this week, it sought to refinance some debt by exchanging bonds for new securities at a discount. If creditors sign on, the company could chop its debt by more than $800 million.
To safeguard the company’s top management, Mallinckrodt directors agreed last month to pay bonuses to keep executives around for at least 18 months, according to the securities filings.
Besides Trudeau, the board agreed to give a $900,000 bonus to Mark Casey, Mallinckrodt’s chief legal officer, $930,000 to Steven Romano, the firm’s chief scientific officer and $825,000 to Chief Financial Officer Bryan Reasons. The bonuses would have to be repaid if any of the executives leaves or is fired over the next year and a half.
The case is In Re National Prescription Opioid Litigation, 17-md-2804, U.S. District Court, Northern District of Ohio (Cleveland).
05:55 AM EST, 11/08/2019 (MT Newswires) -- Chesapeake Utilities (CHK) reported a modest rise in earnings from continuing operations in third-quarter results published after markets closed on Thursday as the company said that it benefited from increased gross margins.
The Dover, Del.-based company generated earnings per share from continuing operations of $0.38 in the three months ended Sept. 30, up one cent from the corresponding quarter of the prior year. Analysts' estimates were not immediately available for comparison.
The company said that the rise was buoyed by a higher gross margin from pipeline expansion projects, organic growth in the natural gas distribution operations and greater retail propane margins per gallon. These increases were, however, largely offset by a jump in operating expenses and higher interest expense associated with financing the company's expansion projects.
The company, which exited the natural gas marketing business and announced the sale of its natural gas marketing subsidiary Peninsula Energy Services Company in October, generated total operating revenue of $92.6 million, down from $93.4 million a year earlier. Total operating expense declined to $78.3 million from $80.5 million in the corresponding quarter of the prior year.
"For the first nine months of 2019, we have delivered strong financial performance largely driven by new pipeline expansions, organic growth, key regulatory initiatives and contributions from the Marlin Gas Transport and Ohl acquisitions," Jeffrey Householder, chief executive of Chesapeake Utilities, said.
Price: 0.9063, Change: -0.0006, Percent Change: -0.07
Chesapeake Energy's stock bounces 3.2% premarket, after plunging 42% over the past 3 sessions
11/08/2019 Chief Executive Doug Lawler spent $47,000 and Chairman Brad Martin paid $213,000 to buy more shares
Shares of Chesapeake Energy Corp. bounced briefly Thursday after the oil and natural gas company's top executives bought a total of 125,000 shares on the dip below $1 a share.
The stock(CHK) rose as much as 7.7% in intraday trading, before pulling back to close down 0.1% at 90.63 cents , a day after the stock plunged to close at a 20-year low.
In a Form 4 filing with the Securities and Exchange Commission late Wednesday, the company disclosed that Chief Executive Doug Lawler (http://www.chk.com/about/management-team/doug-lawler) paid $45,740 to buy 50,000 Chesapeake shares at an average price of 91.48 cents .
The filing said the shares purchases were executed in multiple trades at prices ranging from 91.475 cents to 91.48 cents . The stock traded in an intraday range Wednesday of 79.00 cents to $1.30 , before closing at 90.69 cents .
The purchase leaves Lawler, who has been CEO since June 2013 , with 5,133,298-share stake in the company, or about 0.3% of the shares outstanding.
Chesapeake said in a separate Form 4 filing that R. Brad Martin (http://www.chk.com/about/board-of-directors/brad- martin), who has been non-executive chairman since October 2015 , paid $213,000 to buy 250,000 shares at an average price of 85.2 cents .
The shares were bought in multiple trades at prices ranging from 85.01 cents to 85.49 cents . The buys leave Martin with 1,222,881-share stake. He also owns another 75,000 shares indirectly through a trust.
Lawler's and Martin's purchases came as the stock plunged 29% on Wednesday to close below $1 for the first time in 20 years (http://www.marketwatch.com/story/chesapeake-energys-stock-breaks-the-buck-for-the-first-time-in-20-years-2019-11- 06), after the company issued a "going concern" warning in its quarterly filing with the SEC and reported third-quarter results that missed expectations for a third-straight quarter.
Don't miss: Chesapeake Energy stock dives after 'going concern' statement, earnings miss again (http:// www.marketwatch.com/story/chesapeake-energys-stock-breaks-the-buck-for-the-first-time-in-20-years-2019-11-06).
On Thursday, the stock was up as much as 7.7% at an intraday high of 97.59 cents , then was down as much as 1.9% at the intraday low of 89.00 cents , before closing down just 0.1%.
The stock has plunged 57% year to date, while the SPDR Energy Select Sector exchange-traded fund has gained 6.3% and the S&P 500 index has climbed 23%.
11:25 AM EST, 11/07/2019 (MT Newswires) -- Mallinckrodt (MNK), a maker of specialty pharmaceutical products, said Thursday that clinical results showed that multiple sclerosis relapse patients taking Acthar gel had a higher relapse resolution rate versus those taking intravenous or plasmapheresis treatment.
Acthar gel is currently approved by the US Food and Drug Administration for the treatment of acute exacerbations of multiple sclerosis in adult patients.
STAINES-UPON-THAMES, United Kingdom , Nov. 8, 2019 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a global biopharmaceutical company, will present at the Jefferies London Healthcare Conference in London on Wednesday, Nov. 20, 2019 .
Bryan Reasons , Executive Vice President and Chief Financial Officer, will represent the company in a fireside chat at 8:40 a.m. GMT .
Individuals who cannot attend the meeting in person can find webcast information at: http://www.mallinckrodt.com/investors. A replay will also be available following the meeting.
ABOUT MALLINCKRODT Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt , visit www.mallinckrodt.com.
Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.
Mallinckrodt Highlights Publication Of Data On Treatment Effectiveness Of Acthar Gel For Resolution Of Multiple Sclerosis Relapse In US Health Plan Population
7:16 am ET November 7, 2019 (Benzinga) Print
Mallinckrodt plc (NYSE:MNK), a global biopharmaceutical company, today announced the publication of "Treatment Effectiveness for Resolution of Multiple Sclerosis Relapse in a U.S. Health Plan Population" in an electronic publication posted in advance of print publication in the peer-reviewed journal Neurology and Therapy. Results from the analysis showed that multiple sclerosis (MS) relapse patients taking Acthar® Gel (repository corticotropin injection) had a higher relapse resolution rate than those taking intravenous immunoglobulin (IVIG) or plasmapheresis (PMP) treatment.
MS is a chronic, degenerative disease that can cause numerous impairments including fatigue, balance/coordination issues, numbness or tingling, vision problems, muscle spasms, tremors and emotional changes1, and some people with MS experience relapses while on standard disease-modifying therapies.2
Acthar Gel is U.S. Food and Drug Administration (FDA)-approved for the treatment of acute exacerbations of MS in adults. Controlled clinical trials have shown Acthar Gel to be effective in speeding the resolution of acute exacerbations of MS. However, there is no evidence that it affects the ultimate outcome or natural history of the disease.3 Please see Important Safety Information for Acthar Gel below.
"The management of MS relapse is an ongoing challenge, in particular for those patients who need additional treatment options after first-line agents such as corticosteroids," said George Wan, Ph.D., Vice President and Global Head of Health Economics and Outcomes Research at Mallinckrodt. "We are committed to working toward a better understanding of the potential clinical and health economic outcomes associated with Acthar Gel and other late-line treatments for MS relapse to help guide clinical practice and potentially improve outcomes for patients. In addition, we look forward to the results of Mallinckrodt's ongoing, randomized, double-blind, placebo-controlled OPTIONS study, which we anticipate will provide data on some of the more difficult-to-treat MS patients in the future."
"Treatment Effectiveness for Resolution of Multiple Sclerosis Relapse in a US Health Plan Population" evaluated the rate of MS relapse occurrence, frequency of use of MS relapse treatments including corticosteroids, and relapse treatment effectiveness (or relapse resolution rates) for corticosteroid treatment alternatives – Acthar Gel, IVIG, and PMP. No minimum health plan enrollment was required. The data were originally shared in a poster presentation at MSParis2017, the joint ECTRIMS-ACTRIMS meeting.4
Key findings5
9,574 patients with relapse episodes were identified with 25,162 relapse episodes [mean (SD) of 2.6 (4.0) relapse episodes per person]. The mean follow-up time per patient was 2.7± 2.1 years.
The majority of patients (74.0 percent) had <2 relapse episodes and 26.0 percent of patients experienced two or more relapse episodes per year. 36.9 percent of patients had ≥1 unresolved relapse events during the study period which required additional relapse therapy beyond the initial relapse treatment received.
The frequencies of relapse treatment alternatives used were as follows: IVIG (6.0 percent), Acthar Gel (2.2 percent), and PMP (1.5 percent).
90 percent of initial relapse events within the first relapse episodes were treated with corticosteroids
Relapse resolution rates differed by treatment. Acthar Gel had the highest proportion of patients achieving relapse resolution (96.9 percent), compared with IVIG (43.9 percent) and PMP (50.7 percent).
Methods5
A retrospective analysis of patients 18-89 years experiencing MS relapse from January 1, 2008 to June 30, 2015 was conducted using administrative claims data from Humana Inc.
MS relapse was estimated based on established claims-based methodology; and was defined as an inpatient admission or hospitalization with a principal diagnosis of MS or an outpatient visit or emergency department visit with a diagnosis of MS, followed by a medical or pharmacy claim for a relapse treatment of interest (oral corticosteroids, intravenous corticosteroids, Acthar Gel, PMP or IVIG) within 30 days.
Treatment was deemed effective in resolving the relapse (relapse resolution) if no additional relapses followed within the episode; otherwise, the relapse was considered unresolved.
A 30-day time frame was used as a marker to correlate MS relapse as either one unresolved relapse if within 30 days of the ?rst visit for relapse or a new relapse if greater than 30 days from the ?rst visit for relapse.
Limitations6
Administrative claims data are collected for reimbursement purposes, and thereby may lack important clinical detail, such as disease severity. Claims are often used in MS relapse studies. Here, a number of definitions used in prior studies were implemented in order to mitigate this limitation.
Relapses were identified based on treatment-seeking behavior using an established claims-based algorithm; treatment received/prescribed outside a healthcare visit was not addressed.
Index relapse events were first observed, which may/not be the actual first events. However, relapse resolution was based on the occurrence of subsequent relapses, not prior relapses.
Variation in treatment regimens would impact the rate of relapse resolution.
Acthar Gel and PMP/IVIG have not been studied head-to-head in any randomized, controlled clinical trials.
Not all improvements can be solely attributed to Acthar Gel.
The study assessed response to Acthar Gel and did not capture safety
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved
10/31/19 Mallinckrodt PLC (NYSE: MNK) said it has received Australian regulatory approval for extracorporeal administration with the Therakos cellex photopheresis system, or TCPS, which is indicated for steroid-refractory and steroid-intolerant chronic graft versus host disease in adults following allogenic hematopoietic stem cell transplantation.
STAINES-UPON-THAMES, United Kingdom , Oct. 31, 2019 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a global biopharmaceutical company, today announced that UVADEX® (methoxsalen) has received regulatory approval in Australia by the Therapeutic Goods Administration (TGA) for extracorporeal administration with the THERAKOS® CELLEX® Photopheresis System. The treatment is indicated for steroid-refractory and steroid-intolerant chronic graft versus host disease (cGvHD) in adults following allogeneic hematopoietic stem cell (HSC) transplantation. The TGA also approved Uvadex in conjunction with the THERAKOS CELLEX Photopheresis System for the palliative treatment of skin manifestations of cutaneous T-cell lymphoma (CTCL) that is unresponsive to other forms of treatment.
The TGA approval marks the first combined indication label and the first regulatory approval in the world for UVADEX in conjunction with the THERAKOS Photopheresis System for the treatment of chronic graft versus host disease in adults.
"The TGA approval of UVADEX with the Therakos ECP platform opens up new treatment options for patients with these challenging conditions," said Steven Romano , M.D., Executive Vice President and Chief Scientific Officer, Mallinckrodt . "The cGvHD indication is also an important milestone for Mallinckrodt , confirming the potential benefit of this therapeutic option for patients who are refractory to or intolerant of steroid treatments."
Date of first approval: 16 September 2019 . Date of revision: 11 October 2019 .
Calabria said, “I’ll certainly say I have yet to meet anybody who wants to get out of conservatorship" as much as Fannie and Freddie do. As far as I know, their the only ones under conservatorship...
It's more likely to be around $5 by the end of the year, I'm hoping for good forecast for next year
10/30/19 Fannie Mae ( FNMA ) report for last two weeks
VOLUME INDICATORS: We saw an accumulation-distribution index of 37.946, an on-balance volume of 3.51, chaikin money flow of 17.0 and a force index of 0.0048. There was an ease of movement rating of 0.00025, a volume-price trend of 0.69546 and a negative volume index of 1000.0.
VOLATILITY: We noted an average true range of 0.12141, bolinger bands of 3.51657, an upper bollinger band of 3.40343, lower bollinger band of 3.44, a bollinger high band indicator of 1.0, bollinger low band indicator of 1.0, a central keltner channel of 3.49667, high band keltner channel of 3.48667, low band keltner channel of 3.50667, a high band keltner channel indicator of 1.0 and a low band keltner channel indicator of 1.0. There was a donchian channel high band of 3.44, a donchian channel low band of 3.44, a donchian channel high band indicator of 1.0, and a donchian channel low band indicator of 1.0.
TREND: We calculated a Moving Average Convergence Divergence (MACD) of 0.0009, a MACD signal of 0.0005, a MACD difference of 0.0004, a fast Exponential Moving Average (EMA) indicator of 3.44, a slow Exponential Moving Average (EMA) indicator of 3.44, an Average Directional Movement Index (ADX) of unknown, an ADX positive of 20.0, an ADX negative of 20.0, a positive Vortex Indicator (VI) of 1.0, a negative VI of 1.0, a trend vortex difference of 0.28965, a trix of 14.50275, a Mass Index (MI) of 1.0, a Commodity Channel Index (CCI) of 66.66667, a Detrended Price Oscillator (DPO) of -0.5684, a KST Oscillator (KST) of 197.93843 and a KST Oscillator (KST Signal) of 197.93843 (leaving a KST difference of 3.48238). We also found an Ichimoku rating of 3.525, an Ichimoku B rating of 3.525, a Ichimoku visual trend A of 3.0615, an Ichimoku visual trend B of 3.2026, an Aroon Indicator (AI) up of 4.0 and an AI indicator down of 4.0. That left a difference of 4.0.
MOMENTUM: We found a Relative Strength Index (RSI) of 50.0, a Money Flow Index (MFI) of 100.0, a True Strength Index (TSI) of 100.0, an ultimate oscillator of 87.66194, a stochastic oscillator of 900.0, a stochastic oscillator signal of 900.0, a Williams %R rating of 800.0 and an awesome oscillator of 0.01417.
RETURNS: There was a daily return of 19.79384, a daily log return of 1.15608 and a cumulative return of 1.16279.
FMCC earnings release PDF
http://www.freddiemac.com/investors/financials/pdf/supplement_3q19.pdf
Freddie Mac Conference call 9:00
https://edge.media-server.com/mmc/p/zgqrvfbn
AUSTIN, Texas -- Fannie Mae's and Freddie Mac's federal regulator took new steps to privatize the mortgage-finance companies on Monday, telling the firms to help lay the groundwork for their own transitions out of an 11-year government conservatorship.
In new policy goals, the Federal Housing Finance Agency for the first time released formal objectives calling for Fannie's and Freddie's return to the private sector. The companies have been in government conservatorship since the 2008 financial crisis. FHFA Director Mark Calabria , who took over the agency in April, is pressing to privatize the mortgage-finance companies, which back around half the nation's mortgage market.
"Real change has begun, and we are finally building momentum for lasting mortgage-finance reform," Mr. Calabria said in a speech here before the Mortgage Bankers Association .
Many specific policy details remain to be ironed out over the coming weeks and months, such as how much capital the firms must raise once they eventually leave government control. Still, Monday's outline gives the companies a loose set of guidelines they must meet before they can return to private-shareholder ownership.
Fannie and Freddie are central players in the housing market, buying about half of all U.S. mortgages from lenders and packaging them for issuance as securities. The government effectively nationalized them during the 2008 crisis in a bid to stabilize the housing market as mortgage defaults mounted. How the government addresses the companies' future could resolve the last major problem from the financial crisis.
The FHFA and Treasury Department in September began allowing Fannie and Freddie to retain as much as $45 billion of their earnings combined. Fannie currently holds $6.4 billion in capital and Freddie holds $4.8 billion , according to the FHFA. They would need substantially more capital as private companies, and would likely need to eventually turn to the public markets for it.
Monday's policy goals, contained in a strategic plan as well as a document known as a scorecard, included instructions for the companies to work with regulators as they revamp a postcrisis regulation that has transformed the mortgage market by allowing more deeply indebted borrowers to obtain home financing.
Mr. Calabria and other Washington policy makers want to curtail the provision to ensure the companies operate competitively with other market players, "with no special advantages for anyone," Mr. Calabria said in his speech.
A Fannie spokesman said the new policy objectives reflect "a positive development" and added the company is committed to meeting all its goals.
"The strategic plan and scorecard are important steps toward the ultimate goal of exiting conservatorship," Freddie Chief Executive David Brickman said in a statement.
The FHFA also instructed Fannie and Freddie to help eliminate overlap with the Federal Housing Administration , another federally backed program focused serving lower-income and first-time home buyers.
Another goal is a comprehensive review of a program known as credit-risk transfer that has allowed Fannie and Freddie to hand off some of the risk in their business of guaranteeing mortgages.
I said months ago that it should price at $38.50 if Conservatorship ends, from their past earnings. $100 would be many years after
"I agree completely that we should have and we should still wipe out these shareholders," Foster responded.
"If the circumstances present itself to where we have to wipe out the shareholders, we will," Federal Housing Finance Agency director Mark Calabria said during a hearing before the House Financial Service Committee , referring to Fannie Mae and Freddie Mac's shareholders.