MannKind Corporation (NASDAQ:MNKD)’s share price dropped 0% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.77 and last traded at $3.00. Approximately 5,645,597 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 13,940,000 shares. The stock had previously closed at $3.00.
The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.11). The firm had revenue of $2.04 million for the quarter, compared to analysts’ expectations of $2.56 million. MannKind Corporation had a negative return on equity of 24.93% and a negative net margin of 155.83%. The company’s revenue for the quarter was down 98.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.30 earnings per share.
A number of brokerages have issued reports on MNKD. HC Wainwright reaffirmed a “buy” rating on shares of MannKind Corporation in a report on Wednesday. Zacks Investment Research cut shares of MannKind Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Maxim Group reaffirmed a “hold” rating on shares of MannKind Corporation in a report on Wednesday, November 1st. Finally, ValuEngine cut shares of MannKind Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $0.92.
In other news, Director Kent Kresa bought 166,600 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were purchased at an average price of $6.00 per share, for a total transaction of $999,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. acquired a new stake in MannKind Corporation during the third quarter worth approximately $156,000. Wells Fargo & Company MN boosted its position in MannKind Corporation by 51.5% during the third quarter. Wells Fargo & Company MN now owns 89,951 shares of the biopharmaceutical company’s stock worth $196,000 after acquiring an additional 30,589 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in MannKind Corporation during the third quarter worth approximately $219,000. KCG Holdings Inc. boosted its position in MannKind Corporation by 268.0% during the first quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock worth $219,000 after acquiring an additional 107,752 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in MannKind Corporation by 30.2% during the third quarter. Bank of New York Mellon Corp now owns 108,380 shares of the biopharmaceutical company’s stock worth $236,000 after purchasing an additional 25,125 shares during the period. Hedge funds and other institutional investors own 14.71% of the company’s stock.
The company has a quick ratio of 0.56, a current ratio of 0.59 and a debt-to-equity ratio of -0.48.
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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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