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Mallinckrodt stock swings up 16%, then down, after drugmaker beats earnings estimates and raises 2019 profit outlook

Ashley Turner

The company has recently been embroiled in two whistleblower lawsuits that have negatively impacted the company's stock. Shares of Mallinckrodt Pharmaceuticals MNK  seesawed Tuesday morning, swinging up by as much as 16.4% before the markets opened but trading lower after the company reported otherwise strong first-quarter earnings and raised its profit outlook for the year. Mallinckrodt attributed its strong quarterly performance to sales of hospital products and generic drugs.