Jason Karp Hates MannKind Corporation (MNKD), Likes NCR Corporation, Ctrip.com International, Ltd. (ADR) (CTRP)

According to CNBC, Tourbillon Capital’s Jason Karp is betting on a decline of MannKind Corporation (NASDAQ:MNKD) shares. “Only in a frothy, retail-driven (and now Tweet-driven) market can a stock like MannKind exist with a $4.3 BILLION valuation and in our view no clear prospects of revenue… While Exubera has previewed what will happen with Afrezza, the market has had a way of ignoring this drug’s past failures until it actually launches…When and if this happens, we believe that MannKind will ultimately trade down 90% to a value around $500 million or $1/share. ” the letter said.

Jason Karp is bearish on MannKind Corporation (NASDAQ:MNKD) but he recently shared two long-term long investment ideas in two different investment conferences. The first stock he likes is NCR Corporation (NYSE:NCR). He held a $90 million call option on NCR shares at the end of March. NCR shares haven’t moved since his presentation, so you can follow his best idea without paying him anything.

“So my pitch today is NCR Corporation (NYSE:NCR). Most people think of this as the old National Cash Register company. This company is over 100 years old. Most people think of it as an ATM company that is just in the hardware business. In fact, most of NCR Corporation (NYSE:NCR) today is driven by their software business. And our contention is that this is in fact a rapidly growing software company inside of a cheap hardware company that no one’s really paying attention to. Our target price is up roughly 150% from here over the next 3 years,” said Jason Karp.

The second stock he is very bullish about is Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP). Tiger cubs Stephen Mandel, Philippe Laffont, and Lee Ainslie initiated brand new positions in the stock during the first quarter. This stock is up around 30% since Karp’s presentation at the Ira Sohn Conference. Based on his predictions, it isn’t too late to monkey his bet on Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP). “This is one of the best, highest probability growth names on the planet over the next decade. It’s a $7.5 billion company with $800 million in cash. It has an excellent management team. We actually think the long-term target on this stock next couple of years is a 3 to 4 bagger, so this is a big idea,” said Jason Karp.

 

Advertisement: Please send us an email to learn how you can read the transcripts of Jason Karp’s presentations on NCR Corporation (NYSE:NCR) and Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP). You can check out the list of other hedge funds investing in these two stocks by clicking their ticker symbols.

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