MannKind Corp. (MNKD) Short Interest Up 8.9% in August
MannKind Corp. (NASDAQ:MNKD) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 95,640,324 shares, a growth of 8.9% from the August 15th total of 87,818,722 shares. Based on an average daily trading volume, of 4,864,196 shares, the days-to-cover ratio is currently 19.7 days. Approximately 29.7% of the shares of the stock are short sold.
Several equities analysts recently commented on the company. S&P Equity Research cut their target price on MannKind Corp. from $0.84 to $0.70 in a research report on Wednesday, August 31st. Piper Jaffray Cos. set a $0.10 price target on MannKind Corp. and gave the company a “sell” rating in a report on Sunday, August 21st. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of MannKind Corp. in a report on Monday, August 8th. Finally, Royal Bank Of Canada dropped their price target on MannKind Corp. from $1.00 to $0.15 and set an “underperform” rating for the company in a report on Wednesday, June 1st. Four investment analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $2.34.
Shares of MannKind Corp. (NASDAQ:MNKD) opened at 0.6979 on Wednesday. The firm’s market capitalization is $333.63 million. MannKind Corp. has a 1-year low of $0.64 and a 1-year high of $3.79. The stock has a 50 day moving average price of $0.85 and a 200 day moving average price of $1.16.
MannKind Corp. (NASDAQ:MNKD) last posted its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by $0.01. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Equities research analysts anticipate that MannKind Corp. will post ($0.23) earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of MNKD. BlackRock Fund Advisors increased its position in MannKind Corp. by 6.1% in the first quarter. BlackRock Fund Advisors now owns 11,641,028 shares of the biopharmaceutical company’s stock valued at $18,742,000 after buying an additional 673,881 shares during the last quarter. BlackRock Group LTD increased its position in MannKind Corp. by 40.6% in the first quarter. BlackRock Group LTD now owns 114,385 shares of the biopharmaceutical company’s stock valued at $184,000 after buying an additional 33,018 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in MannKind Corp. by 2.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 129,291 shares of the biopharmaceutical company’s stock valued at $150,000 after buying an additional 3,309 shares during the last quarter. First Republic Investment Management Inc. increased its position in MannKind Corp. by 44.7% in the first quarter. First Republic Investment Management Inc. now owns 106,870 shares of the biopharmaceutical company’s stock valued at $172,000 after buying an additional 33,000 shares during the last quarter. Finally, Commonwealth Equity Services Inc increased its position in MannKind Corp. by 8.7% in the second quarter. Commonwealth Equity Services Inc now owns 93,615 shares of the biopharmaceutical company’s stock valued at $109,000 after buying an additional 7,497 shares during the last quarter. 18.90% of the stock is currently owned by institutional investors.
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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