MannKind Corporation (MNKD) Trading Down 18.5%

Shares of MannKind Corporation (NASDAQ:MNKD) traded down 18.5% during trading on Wednesday . The company traded as low as $4.99 and last traded at $5.47. 33,552,597 shares were traded during mid-day trading, an increase of 487% from the average session volume of 5,715,590 shares. The stock had previously closed at $6.71.

A number of analysts recently commented on the stock. Zacks Investment Research upgraded shares of MannKind Corporation from a “sell” rating to a “hold” rating in a report on Wednesday. Maxim Group restated a “buy” rating on shares of MannKind Corporation in a report on Friday, September 1st. ValuEngine lowered shares of MannKind Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, HC Wainwright started coverage on shares of MannKind Corporation in a report on Tuesday. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. MannKind Corporation currently has a consensus rating of “Hold” and an average price target of $0.92.

MannKind Corporation (NASDAQ:MNKD) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.10). The firm had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.75 million. MannKind Corporation had a net margin of 71.60% and a negative return on equity of 24.93%. During the same quarter in the prior year, the business earned $0.08 earnings per share.

Several large investors have recently made changes to their positions in MNKD. Balyasny Asset Management LLC acquired a new stake in shares of MannKind Corporation in the 2nd quarter valued at approximately $568,000. LMR Partners LLP acquired a new stake in shares of MannKind Corporation in the 2nd quarter valued at approximately $352,000. KCG Holdings Inc. raised its position in shares of MannKind Corporation by 268.0% in the 1st quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 107,752 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in shares of MannKind Corporation by 20.1% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock valued at $830,000 after acquiring an additional 98,520 shares during the period. Institutional investors and hedge funds own 15.67% of the company’s stock.

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MannKind Corporation Company Profile

MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.

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