Editor’s Note: MannKind Corporation (NASDAQ:MNKD)
MannKind Corporation (NASDAQ:MNKD) entrenched firmly in second Tranche of financing (GSPInsider)
The MannKind Corporation has announced that as per the agreement to the 1 July 2013, facility contract, between MNKD and the Deerfield Private Design Fund II. L.P, the conditions or the terms that obligate Deerfield to buy the 2nd tranche worth $40M of 9.75% senior-secured Convertible Notes, have been met now. The 2nd tranche of convertible notes was dependent on achievement of the third phase from the 171 and 175 researches. These have now satisfied the main efficiency endpoints of the studies and have not demonstrated any negative security-issue that might have the potential to prevent or revert the AFREZZA approval.
MLV Capital Increases MannKind Corp. Price Target to $11.00 (MNKD) (Mideast Time)
MannKind Corporation (NASDAQ:MNKD) had its target price boosted by MLV Capital from $8.00 to $11.00 in a report issued on Thursday, Stock Ratings Network reports. They currently have a buy rating on the stock. A number of other firms have also recently commented on MNKD. Analysts at JMP Securities downgraded shares of MannKind Corp. from an outperform rating to a market perform rating in a research note to investors on Wednesday, August 14th.
MannKind’s Phase III Diabetes Drug Results Should Continue Its Upward Trend (Seeking Alpha)
MannKind Corporation (NASDAQ:MNKD), the Valencia CA based development-stage biopharmaceutical company, stock had been on a tear this year, up almost 195% YTD. The rise was due to expected positive news on Afrezza, the company’s inhalable insulin powder for controlling diabetes that is in two late-stage clinical trials. And the good news did come on Wednesday August 14th when the results from both Phase III studies were announced. Then the old adage “buy on the rumor sell on the news” appears to have kicked in, and the stock has since given back over 22% of its value. However, the dip could be short lived as the potential sales for this inhalable diabetes drug could be in the billions.
MannKind Corporation (NASDAQ:MNKD) stock gained by 10.40% (FinancialsTrend)
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. Shares of MannKind Corporation 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.
Investor’s Alert: MannKind Corporation (NASDAQ:MNKD), Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), Forest Oil Corporation (NYSE:FST), Novavax, Inc. (NASDAQ:NVAX) (SBWire)
MannKind Corporation moved down 2.20% to $6.23 on a traded volume of 4.30 million shares. Recently, the Company announced that it satisfied the conditions for the second tranche of $40 million of 9.75% senior secured convertible notes under its finance agreement with Deerfield Management Company L.P. Deerfield has agreed to provide the loan through its purchase of four equal tranches of senior secured notes from MannKind. The notes, due to mature in 2019, will carry a yearly interest of 9.75%.