MannKind Co. (NASDAQ:MNKD) was the recipient of a significant increase in short interest during the month of April. As of April 13th, there was short interest totalling 21,583,374 shares, an increase of 10.7% from the March 31st total of 19,490,324 shares. Based on an average daily volume of 2,542,759 shares, the days-to-cover ratio is currently 8.5 days. Approximately 39.1% of the shares of the stock are sold short.
Several equities research analysts recently commented on the company. Piper Jaffray Companies set a $1.00 price target on MannKind and gave the company a “sell” rating in a report on Thursday, May 11th. JPMorgan Chase & Co. reissued a “sell” rating on shares of MannKind in a research note on Thursday, May 11th. Finally, S&P Equity Research cut their target price on MannKind from $1.04 to $0.83 in a research note on Monday, May 8th.
A number of institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its position 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. Scopia Capital Management LP purchased a new position in MannKind during the third quarter worth approximately $3,047,000. State Street Corp increased its position in shares of 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 in the last quarter. GSA Capital Partners LLP increased its position in shares of 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 in the last quarter. Finally, Norges Bank bought a new position in shares of MannKind during the fourth quarter worth $866,000. Hedge funds and other institutional investors own 19.71% of the company’s stock.
MannKind (NASDAQ:MNKD) opened at 1.13 on Friday. MannKind has a 52-week low of $0.67 and a 52-week high of $6.50. The stock has a market capitalization of $114.14 million, a price-to-earnings ratio of 0.80 and a beta of 3.26. The stock’s 50 day moving average price is $1.11 and its 200 day moving average price is $0.92.
MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.08. The business had revenue of $3 million for the quarter, compared to analysts’ expectations of $3.50 million. The firm’s quarterly revenue was up 2900.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.06) EPS. On average, analysts forecast that MannKind will post ($0.87) EPS for the current year.
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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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