In a new report, Northland Capital Markets analyst David Buck reiterates the firm’s bullish take on Mallinckrodt PLC MNK 7.95%, despite unfavorable comparisons to the crashing Valeant Pharmaceuticals Intl Inc VRX 7.41% in recent days.

The CNBC appearance by CEO Mark Trudeau on Tuesday night to defend the company’s pricing model has not been successful in convincing the market. After falling 14.5 percent in Tuesday’s session, the stock is down another 4.4 percent on Wednesday.

Buck sees comparisons to Valeant as unfair and even discredits reports of extreme price hikes in Mallinckrodt’s Acthar in recent years. According to Buck, the price of Acthar has been raised twice under Mallinckrodt ownership: a 5.5 percent increase in June 2015 and a 2.0 percent price hike in December 2014. Buck did not address the 2007 Acthar price hike from $1,650/vial to $23,000/vial prior to Mallinckrodt’s acquisition of Questcor.

Buck believes…

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