MannKind Co. (NASDAQ:MNKD) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 30,794,850 shares, a growth of 7.7% from the August 15th total of 28,605,378 shares. Based on an average daily trading volume, of 910,012 shares, the short-interest ratio is presently 33.8 days. Currently, 22.1% of the shares of the stock are short sold.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of MannKind by 197.3% in the 2nd quarter. BlackRock Inc. now owns 10,361,672 shares of the biopharmaceutical company’s stock worth $19,686,000 after acquiring an additional 6,876,144 shares in the last quarter. Scopia Capital Management LP increased its stake in shares of MannKind by 47.5% in the 2nd quarter. Scopia Capital Management LP now owns 1,666,498 shares of the biopharmaceutical company’s stock worth $3,166,000 after acquiring an additional 537,045 shares in the last quarter. Northern Trust Corp increased its stake in shares of MannKind by 604.1% in the 2nd quarter. Northern Trust Corp now owns 1,540,825 shares of the biopharmaceutical company’s stock worth $2,927,000 after acquiring an additional 1,321,977 shares in the last quarter. Millennium Management LLC increased its stake in shares of MannKind by 544.7% in the 1st quarter. Millennium Management LLC now owns 1,039,696 shares of the biopharmaceutical company’s stock worth $2,371,000 after acquiring an additional 878,432 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in MannKind by 181.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 698,982 shares of the biopharmaceutical company’s stock valued at $1,329,000 after purchasing an additional 450,872 shares in the last quarter. Institutional investors own 25.44% of the company’s stock.
NASDAQ MNKD traded down $0.04 during trading on Friday, hitting $1.73. The company had a trading volume of 1,861,471 shares, compared to its average volume of 3,625,625. The company has a current ratio of 0.48, a quick ratio of 0.43 and a debt-to-equity ratio of -0.44. MannKind has a one year low of $0.98 and a one year high of $6.96. The firm has a market capitalization of $279.97 million, a PE ratio of -1.49 and a beta of 2.25.
MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Thursday, August 9th. The biopharmaceutical company reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.04. The company had revenue of $3.89 million during the quarter, compared to the consensus estimate of $4.80 million. On average, sell-side analysts predict that MannKind will post -0.76 earnings per share for the current year.
MNKD has been the subject of a number of research reports. HC Wainwright set a $4.00 price objective on shares of MannKind and gave the company a “buy” rating in a research note on Wednesday, September 5th. Maxim Group reaffirmed a “sell” rating on shares of MannKind in a research note on Friday, June 15th. BidaskClub cut shares of MannKind from a “hold” rating to a “sell” rating in a research note on Tuesday, July 10th. Finally, Zacks Investment Research cut shares of MannKind from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $2.51.
MannKind Company Profile
MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for diabetes and pulmonary arterial hypertension patients. It offers Afrezza, a dry powder formulation of human insulin that controls high blood sugar in adults with type 1 and type 2 diabetes in the United States.
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