Mallinckrodt (NYSEMKT:MNK) stock is falling on Monday despite a lack of news concerning the pharmaceutical company.
Investors will note that Mallinckrodt hasn’t released any recent earnings reports or filings that explain its volatile movement today. There’s also no analyst coverage that gives a reason for the stock’s fall this morning.
As for trading, almost 1 million shares of MNK stock have changed hands as of this writing. That’s quickly closing in on its daily average trading volume of about 1.3 million shares. This is likely part of what’s pulling the company’s shares lower today.
However, it’s also worth keeping in mind that MNK stock saw a massive rally during normal trading hours on Friday. That resulted in the company’s shares closing out the day up more than 457%. That means today’s movement is likely the stock retreating from that rally.
What’s Behind the MNK Stock Volatility?
Mallinckrodt’s penny stock status is probably the main culprit behind its wild movements lately. The company’s shares closed out Friday at $6.30 even after its massive rise in value. Likewise, its market capitalization is still below $82.977 million.
MNK stock is down 26.5% as of Monday morning and is down 40% since the start of the year.
Investors can find even more of the latest stock market news below!
We’ve got all of the biggest stock market stories traders need to know about on Monday! That includes why shares of Volcon (NASDAQ:VLCN), SeqLL (NASDAQ:SQL), and Hepion Pharmaceuticals (NASDAQ:HEPA) stock are moving today. All of that news is ready to go below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.