Why Endo International Shares Are Tanking Today
Shares of Endo International (NASDAQ: ENDP) were tanking 13.1% as of 11:07 a.m. EDT on Thursday after falling as much as 19.3% earlier in the day. The drug stock felt the ripple impact from reports that another opioid maker, Mallinckrodt (NYSE: MNK), was restructuring and considering options including filing for bankruptcy. Endo, Mallinckrodt, and other drugmakers face multiple lawsuits related to their past promotion practices for highly addictive opioid drugs.
The main concern for investors is that opioid drug companies could fall like a line of dominoes. Rumors surfaced last week that privately held Purdue Pharma was considering a settlement to opioid litigation that would include filing for bankruptcy. Those reports were enough to cause Mallinckrodt stock to plunge.
Image source: Getty Images.
Source Fool.com
