Short Interest in MannKind Corp. (MNKD) Expands By 1.7%
MannKind Corp. (NASDAQ:MNKD) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 98,709,420 shares, a growth of 1.7% from the October 31st total of 97,069,044 shares. Based on an average trading volume of 6,320,793 shares, the days-to-cover ratio is currently 15.6 days. Approximately 30.7% of the company’s stock are short sold.
Shares of MannKind Corp. (NASDAQ:MNKD) opened at 0.5532 on Friday. The stock’s 50 day moving average price is $0.54 and its 200-day moving average price is $0.83. MannKind Corp. has a 52 week low of $0.41 and a 52 week high of $2.24. The stock’s market cap is $264.64 million.
MannKind Corp. (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.31. The company earned $162.35 million during the quarter, compared to analyst estimates of $2 million. Equities analysts anticipate that MannKind Corp. will post ($0.01) earnings per share for the current fiscal year.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in MannKind Corp. by 14.1% in the second quarter. Vanguard Group Inc. now owns 22,299,330 shares of the biopharmaceutical company’s stock worth $25,867,000 after buying an additional 2,757,414 shares in the last quarter. BlackRock Fund Advisors raised its stake in MannKind Corp. by 3.5% in the third quarter. BlackRock Fund Advisors now owns 15,250,841 shares of the biopharmaceutical company’s stock worth $9,456,000 after buying an additional 521,809 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in MannKind Corp. by 11.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,091,818 shares of the biopharmaceutical company’s stock worth $8,227,000 after buying an additional 701,653 shares in the last quarter. Scopia Capital Management LP bought a new stake in MannKind Corp. during the third quarter worth about $3,047,000. Finally, State Street Corp raised its stake in MannKind Corp. by 14.1% in the second quarter. State Street Corp now owns 4,789,656 shares of the biopharmaceutical company’s stock worth $5,558,000 after buying an additional 593,406 shares in the last quarter. 18.71% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on MNKD. Piper Jaffray Cos. set a $0.10 price objective on MannKind Corp. and gave the company a “sell” rating in a report on Sunday, August 21st. JPMorgan Chase & Co. restated a “sell” rating on shares of MannKind Corp. in a report on Monday, August 8th. Finally, S&P Equity Research cut their target price on MannKind Corp. from $0.84 to $0.70 in a research note on Wednesday, August 31st. Four analysts have rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $1.23.
About MannKind Corp.
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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