Dallas, Texas 08/28/2013 (Financialstrend) – Shares of MannKind Corporation (NASDAQ:MNKD) had recently been surging in prices to present significant gains to the traders, primarily attributed to the success presented by the company in its drug development and thereby obtaining of the second tranche of financing from its private equity partner. The pharma major had presented significant achievements of expected positive results in the third phase of the 171 and 175 researches conducted on its principal product candidate AFREZZA. It was observed that the researches had achieved the primary efficiency endpoints and there had not been any demonstration of negative security issues related to the drug which would further provide for the potential approval or rejection by the Food and Drug Administration of the United States.
The price targets for the stock of MannKind Corporation (NASDAQ:MNKD) had recently been increased by analysts at MLV Capital from the earlier level at $8 per share to $11 per share. Further, they also have a buy rating on this stock. However, the analysts at JMP Securities had downgraded the stock from the outperform rating to the present perform rating. There had been many research reports which had been focusing on this stock of the pharmaceutical company.
MannKind Corporation (NASDAQ:MNKD) had closed on Tuesday at $5.92 per share and had thereby presented gains of 2.42% for the trading session. The stock was observed to be moving through the day to present intraday fluctuations in the range of $5.80 to $6.20 per share, while it presently has its 52 week low at $1.82 and 52 week high at $8.70 per share. Further, the stock had a trading volume of 12.93 million shares on Tuesday while the average level is at 9.92 million shares per day. There are 301.77 million shares of the company which are traded in the markets and the institutional owners hold 18%.