MannKind Corporation (MNKD) Shares Down 11.4%

MannKind Corporation (NASDAQ:MNKD) shares were down 11.4% during trading on Tuesday . The company traded as low as $2.00 and last traded at $2.02. Approximately 4,124,529 shares traded hands during mid-day trading, an increase of 61% from the average daily volume of 2,563,360 shares. The stock had previously closed at $2.28.

A number of research analysts have commented on MNKD shares. Zacks Investment Research lowered MannKind Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. J P Morgan Chase & Co reaffirmed an “underweight” rating on shares of MannKind Corporation in a report on Monday, May 22nd. ValuEngine lowered MannKind Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Maxim Group reaffirmed a “buy” rating on shares of MannKind Corporation in a report on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $0.92.

The company has a market cap of $211.46 million, a P/E ratio of 1.52 and a beta of 3.16. The stock has a 50 day moving average of $1.63 and a 200-day moving average of $1.46.

MannKind Corporation (NASDAQ:MNKD) last released its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.10). MannKind Corporation had a net margin of 71.60% and a negative return on equity of 24.93%. The company had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.75 million. During the same quarter in the previous year, the firm posted $0.08 earnings per share. On average, equities research analysts anticipate that MannKind Corporation will post ($0.94) earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in MNKD. KCG Holdings Inc. raised its stake in shares of MannKind Corporation by 268.0% during the 1st quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after purchasing an additional 107,752 shares during the period. LMR Partners LLP bought a new stake in shares of MannKind Corporation during the 2nd quarter valued at $352,000. Balyasny Asset Management LLC bought a new stake in shares of MannKind Corporation during the 2nd quarter valued at $568,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of MannKind Corporation by 20.1% during 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 purchasing an additional 98,520 shares during the period. Institutional investors 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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