MannKind Co. (MNKD) Sees Large Volume Increase on Strong Earnings

MannKind Co. (NASDAQ:MNKD) saw an uptick in trading volume on Friday following a stronger than expected earnings report. 4,570,555 shares traded hands during mid-day trading, an increase of 4% from the previous session’s volume of 4,403,930 shares.The stock last traded at $2.22 and had previously closed at $2.07.

The biopharmaceutical company reported $0.56 earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.76. The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $6 million. During the same period in the prior year, the firm posted ($3.30) EPS. MannKind’s revenue for the quarter was up NaN% on a year-over-year basis.

Separately, Piper Jaffray Companies reaffirmed an “underweight” rating on shares of MannKind in a report on Tuesday, February 28th. Four analysts have rated the stock with a sell rating and one has given a hold rating to the company. The stock currently has an average rating of “Sell” and a consensus target price of $0.32.

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake in MannKind by 2.9% in the fourth quarter. State Street Corp now owns 5,091,948 shares of the biopharmaceutical company’s stock worth $3,242,000 after buying an additional 145,754 shares during the period. Scopia Capital Management LP acquired a new stake in MannKind during the third quarter worth approximately $3,047,000. GSA Capital Partners LLP raised its stake in MannKind by 263.7% in the fourth quarter. GSA Capital Partners LLP now owns 2,508,700 shares of the biopharmaceutical company’s stock worth $1,597,000 after buying an additional 1,818,900 shares during the period. Norges Bank acquired a new stake in MannKind during the fourth quarter worth approximately $866,000. Finally, Wells Fargo & Company MN raised its stake in MannKind by 9.3% in the third quarter. Wells Fargo & Company MN now owns 638,728 shares of the biopharmaceutical company’s stock worth $396,000 after buying an additional 54,195 shares during the period. Institutional investors and hedge funds own 19.71% of the company’s stock.

The firm’s market cap is $212.40 million. The company has a 50 day moving average price of $0.97 and a 200-day moving average price of $0.71.

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MannKind 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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