Mallinckrodt stock plummets after Citron tweet

Screenshot of Citron Research's Twitter profile | Courtesy of Citron Research/Twitter
Screenshot of Citron Research’s Twitter profile | Courtesy of Citron Research/Twitter

Mallinckrodt Pharmaceuticals’ stock plummeted by more than 25 percent Monday after stock commentary firm Citron Research tweeted about the company.

In its tweet (see below), Citron Research said Mallinckrodt has significantly “more downside” than Valeant Pharmaceuticals and is a “far worse offender” of the reimbursement system. Citron also indicated there would be “more to follow.”

Mallinckrodt’s stock price fell by 25.7 percent after the tweet, dropping from an opening price of $70 to a day’s low of $52.01, which is also the stock’s 52-week low. The stock was trading at $58.53 a half hour before the markets closed.

In an emailed statement about the Citron tweet, Mallinckrodt said it “does not respond to market speculation.”

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