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Why MannKind Corporation (MNKD) Shares Popped on Friday

Shares of MannKind Corporation (NASDAQ:MNKD) initially surged sharply higher by over 20% on Friday before pulling back after Bloomberg reported that domestic retail prescriptions of MannKind’s inhaled-through-mouth insulin drug, Afrezza, came in at 288 scripts for the week ended on March 31. That’s 13% better than the 256 scripts in the prior week. Although the numbers show improvement, some traders faded the pop due to the thought that MannKind Corporation (NASDAQ:MNKD) may need to eventually raise capital at some point to sustain its operations. Afrezza would need to show continued and marked improvement in order for MannKind Corporation (NASDAQ:MNKD) to deliver any sort of acceptable return to shareholders.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

Elite fund sentiment surrounding MannKind has been stable. 7 elite funds had a bullish position in MannKind Corporation (NASDAQ:MNKD) at the end of the fourth quarter, unchanged from that of the previous quarter. Those numbers are out of the 742 top funds that we track. In terms of equity activity, D E Shaw upped its holding by 347% to 5.27 million shares. Meanwhile, Scopia Capital sold out of the stock.

The Bottom Line

MannKind Corporation (NASDAQ:MNKD) shares have popped higher due to news that domestic Afrezza prescriptions rose 13% sequentially. For more reading, check out ‘10 Countries That Export The Most Sugar in the World‘.




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