MannKind Corporation (NASDAQ:MNKD) shares gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.23, but opened at $1.17. MannKind Corporation shares last traded at $1.15, with a volume of 2,033,558 shares traded.

The biopharmaceutical company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.10. The firm had revenue of $2.16 million during the quarter, compared to analysts’ expectations of $2.75 million. During the same period last year, the firm posted $0.08 earnings per share.

Several research analysts have recently commented on the company. ValuEngine lowered MannKind Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Piper Jaffray Companies set a $1.00 target price on MannKind Corporation and gave the company a “sell” rating in a research report on Thursday, May 11th. J P Morgan Chase & Co reaffirmed a “sell” rating on shares of MannKind Corporation in a research report on Thursday, May 11th. Finally, S&P Equity Research reduced their target price on MannKind Corporation from $1.04 to $0.83 in a research report on Monday, May 8th.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. KCG Holdings Inc. raised its position in shares of MannKind Corporation by 268.0% in the first quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 107,752 shares in the last quarter. LMR Partners LLP acquired a new position in shares of MannKind Corporation during the second quarter valued at about $352,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of MannKind Corporation by 20.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 98,520 shares in the last quarter. Norges Bank acquired a new position in shares of MannKind Corporation during the fourth quarter valued at about $866,000. Finally, State Street Corp raised its position in shares of MannKind Corporation by 2.9% in the fourth quarter. State Street Corp now owns 5,091,948 shares of the biopharmaceutical company’s stock valued at $3,242,000 after buying an additional 145,754 shares in the last quarter. 17.69% of the stock is currently owned by institutional investors.

The firm has a market cap of $116.16 million, a P/E ratio of 0.81 and a beta of 3.30. The stock’s 50-day moving average is $1.35 and its 200 day moving average is $1.22.

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MannKind Corporation Company Profile

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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