MannKind Trading Down 13.8% After Earnings Miss (MNKD)
MannKind (NASDAQ:MNKD) fell 13.8% during trading on Tuesday following a dissappointing earnings announcement, American Banking News.com reports. The company traded as low as $7.22 and last traded at $7.35, with a volume of 34,892,099 shares changing hands. The stock had previously closed at $8.53.
The company reported ($0.19) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.12) by $0.07. During the same quarter in the prior year, the company posted ($0.16) earnings per share.
A number of analysts have recently weighed in on MNKD shares. Analysts at RBC Capital cut their price target on shares of MannKind from $16.00 to $13.00 in a research note on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at ISI Group downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Tuesday, July 1st. They now have a $11.00 price target on the stock, up previously from $10.00. Finally, analysts at MLV & Co
downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Tuesday, July 1st. They now have a $11.00 price target on the stock, up previously from $10.00. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $9.50.
In other MannKind news, VP David Thomson unloaded 30,000 shares of MannKind stock on the open market in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $8.16, for a total transaction of $244,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link.
The stock’s 50-day moving average is $9.43 and its 200-day moving average is $7.44. The company’s market cap is $2.808 billion. MannKind also saw unusually large options trading on Monday. Stock investors bought 62,634 call options on the company. This is an increase of approximately 334% compared to the average daily volume of 14,416 call options.
MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.
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