MannKind Corporation (NASDAQ:MNKD) Shares Gap Down Following Weak Earnings

Shares of MannKind Corporation (NASDAQ:MNKD) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $1.23, but opened at $1.17. MannKind Corporation shares last traded at $1.15, with a volume of 2,033,558 shares trading hands.

The biopharmaceutical company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.10. MannKind Corporation had a negative return on equity of 24.93% and a net margin of 71.60%. The company had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.75 million. During the same quarter in the previous year, the firm posted $0.08 earnings per share.

Several equities research analysts have recently commented on the stock. Piper Jaffray Companies set a $1.00 price objective on shares of MannKind Corporation and gave the stock a “sell” rating in a research note on Thursday, May 11th. J P Morgan Chase & Co restated a “sell” rating on shares of MannKind Corporation in a research report on Thursday, May 11th. ValuEngine downgraded shares of MannKind Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research downgraded shares of MannKind Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Finally, S&P Equity Research decreased their target price on shares of MannKind Corporation from $1.04 to $0.83 in a research report on Monday, May 8th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. boosted its position in MannKind Corporation by 268.0% in the first quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock worth $219,000 after buying an additional 107,752 shares during the last quarter. LMR Partners LLP purchased a new position in MannKind Corporation during the second quarter worth $352,000. Balyasny Asset Management LLC purchased a new position in MannKind Corporation during the second quarter worth $568,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in MannKind Corporation by 20.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock worth $830,000 after buying an additional 98,520 shares during the last quarter. Finally, Norges Bank purchased a new position in MannKind Corporation during the fourth quarter worth $866,000. 17.07% of the stock is owned by institutional investors.

The firm’s 50-day moving average price is $1.27 and its 200-day moving average price is $1.26. The stock has a market capitalization of $152.84 million, a P/E ratio of 1.10 and a beta of 3.30.

TRADEMARK VIOLATION NOTICE: “MannKind Corporation (NASDAQ:MNKD) Shares Gap Down Following Weak Earnings” was originally reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this news story on another website, it was copied illegally and reposted in violation of United States and international trademark & copyright law. The original version of this news story can be read at https://www.com-unik.info/2017/08/19/mannkind-corporation-nasdaqmnkd-shares-gap-down-following-weak-earnings-updated.html.

About MannKind Corporation

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.

What are top analysts saying about MannKind Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for MannKind Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit