MannKind Corporation (NASDAQ:MNKD) stock gained by 10.40%


Dallas, Texas 08/20/2013 (Financialstrend) – It had recently been announced that MannKind Corporation (NASDAQ:MNKD) had recently picked up heavy financing for an aggregate value of $40 million from Deerfield which is the second part of the four tranches that had been planned under this credit agreement of total value $160 million. The Valencia CA based pharmaceutical major had picked up this financing in line with the successful results posted for the Phase III data reported for its drug Afrezza. This second tranche of financing was to be made after the successful posting of results for its drug in the development stage.

Analysts at Zacks Research had recently reiterated their neutral rating on the stock of MannKind Corporation (NASDAQ:MNKD) and had fixed up a price target of $7.25 per share for the stock. The analyst had noted that the company’s second quarter net losses were narrower at $0.16 per share compared to the previous year losses at $0.23 per share reported for the same quarter. The analyst had commented that the investors will have to stay close with this stock to take charge of any positive movements.

Shares of MannKind Corporation (NASDAQ:MNKD) had moved on to present significant gains of 10.40% on Monday to close the session at $6.37 per share. There had been around 15.74 million shares of this company that had traded on the day, while the stock’s average level of trading remains at 8.75 million shares per day. Throughout the day, the stock had been moving to present intraday price fluctuations in the range of $5.94 to $6.47 per share. The stock’s presently recorded 52 week low is at $1.82 and 52 week high is at $8.70 per share. The company currently has 301.77 million shares being traded out in the secondary markets with the institutional owners contributing around 18% of the holdings.