Mallinckrodt Pharmaceuticals In Need Of Some Its Own Medicine

Both biotech and healthcare stocks were sharply lower overall in today’s session. Overall, US equities markets sold sharply off recent all-time highs as reality finally set in that interest rates would likely continue higher due to persistently positive economic data. One stock hit particularly hard today is Mallinckrodt (MNK), which traded down over 17.50%. Besides the overall weakness in the healthcare sector weighing on the stock’s price, the company was also hit by negative news regarding its second best-selling product. Here’s what happened.