MannKind Corporation (NASDAQ:MNKD) Continues To Fall


Dallas, Texas 10/10/2013 (Financialstrend) – On October 7, MannKind Corporation (NASDAQ:MNKD) stock of was part of top 10 list, albeit the list was for companies which had shrunk the maximum in terms of percentage of their share value. The pressure on the stock of this development stage drug maker has been a sustained one with analysts and the competition casting question marks on the suitability and safety aspects of its target cure of “inhaled insulin procedure”.

Over the past 30 days Bank of America and Summer Street have downgraded the stock. They have sighted the rough road ahead for the firm in terms of getting its new drug application accepted by FDA and initiate trail of its inhaled insulin cure.

The stock has been losing market value by the truck loads over the past 90 days. It has lost 31% of its market valuation in the period, with the last week of trading being the most brutal on the stock. It saw close to 17.5% of its value get eroded through the week. The stock was trading at $4.74 per share as of close of business on October 9. At these levels the shares are trading close to 45% lower than its 52 week higher valuations.

In spite of the selloff, the biotech company has a market cap of $1.35 billion with a nominal sales turnover of $40,000 over the past 12 months. The accumulated loss is ranging around the $181 million mark which is in turn making the investors of the stock jittery.

So much so that during trading on October 7 shares of MannKind dipped lower than its 200 day moving average of $4.87. The shares price was closest to its 52 week lowest pricing of $2.74. Investors of the stock will be hoping that the drug maker will be able to arrest this melt down in the immediate future.