Investors Buy Large Volume of Call Options on MannKind Corporation (MNKD)
MannKind Corporation (NASDAQ:MNKD) was the target of some unusual options trading activity on Wednesday. Investors acquired 26,536 call options on the company. This represents an increase of 905% compared to the typical daily volume of 2,640 call options.
A number of analysts recently weighed in on the stock. Maxim Group reiterated a “buy” rating on shares of MannKind Corporation in a research report on Friday, September 1st. ValuEngine downgraded shares of MannKind Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research downgraded shares of MannKind Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $0.92.
Shares of MannKind Corporation (NASDAQ MNKD) opened at 5.03 on Friday. MannKind Corporation has a 12 month low of $0.67 and a 12 month high of $6.51. The company has a 50 day moving average of $2.17 and a 200-day moving average of $1.53. The firm has a market capitalization of $526.55 million, a P/E ratio of 3.79 and a beta of 3.16.
MannKind Corporation (NASDAQ:MNKD) last issued its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.10). MannKind Corporation had a net margin of 71.60% and a negative return on equity of 24.93%. The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.75 million. During the same period last year, the firm posted $0.08 earnings per share. Analysts predict that MannKind Corporation will post ($0.94) EPS for the current year.
Institutional investors and hedge funds have recently modified their holdings of the business. KCG Holdings Inc. lifted its stake in MannKind Corporation by 268.0% in the first quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 107,752 shares during the period. LMR Partners LLP acquired a new position in MannKind Corporation in the second quarter valued at approximately $352,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in MannKind Corporation by 20.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 98,520 shares during the period. Finally, Balyasny Asset Management LLC acquired a new position in MannKind Corporation in the second quarter valued at approximately $568,000. 15.67% of the stock is currently owned by hedge funds and other institutional investors.
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About MannKind Corporation
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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