MannKind Corporation [NASDAQ: MNKD] slipped around -1.7 points on Monday, while shares priced at $4.01 at the close of the session, down -29.77%. The company report on March 1, 2021 that MannKind Corporation Announces Proposed Private Placement of Convertible Senior Notes.
MannKind Corporation (NASDAQ:MNKD) announced that it intends to offer, subject to market conditions and other factors, $150.0 million aggregate principal amount of Convertible Senior Notes due 2026 (the “notes”) in a private placement (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MannKind also intends to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $22.5 million aggregate principal amount of notes.
The notes will be general unsecured obligations of MannKind and will accrue interest payable semiannually in arrears. Upon conversion, MannKind will pay or deliver, as the case may be, cash, shares of MannKind’s common stock or a combination of cash and shares of MannKind’s common stock, at its election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering.MannKind intends to use the net proceeds from this offering for working capital and other general corporate purposes, including a Phase 3 clinical trial of Afrezza in pediatric subjects and further development of product candidates in MannKind’s pipeline. MannKind may use a portion of the proceeds from this offering to pay down a portion of existing debt or for acquisitions or strategic investments in complementary businesses or technologies, although MannKind does not currently have any plans for any such debt repayment, acquisitions or investments.The notes and any shares of MannKind’s common stock issuable upon conversion of the notes have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
MannKind Corporation stock is now 28.12% up from its year-to-date (YTD) trading value. MNKD Stock saw the intraday high of $5.30 and lowest of $3.91 per share. The company’s 52-week high price is 6.25, which means current price is +32.34% above from all time high which was touched on 02/24/21.
Compared to the average trading volume of 5.17M shares, MNKD reached a trading volume of 29048372 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about MannKind Corporation [MNKD]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MNKD shares is $5.40 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MNKD stock is a recommendation set at 1.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Oppenheimer have made an estimate for MannKind Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on December 24, 2019. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on October 25, 2019, representing the official price target for MannKind Corporation stock. Previously, the target price had yet another raise to $3, while BTIG Research analysts kept a Buy rating on MNKD stock.
The Average True Range (ATR) for MannKind Corporation is set at 0.63, with the Price to Sales ratio for MNKD stock in the period of the last 12 months amounting to 14.81.
How has MNKD stock performed recently?
MannKind Corporation [MNKD] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -28.65. With this latest performance, MNKD shares gained by 8.38% in over the last four-week period, additionally plugging by 135.88% over the last 6 months – not to mention a rise of 215.75% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MNKD stock in for the last two-week period is set at 41.70, with the RSI for the last a single of trading hit 35.20, and the three-weeks RSI is set at 45.69 for MannKind Corporation [MNKD]. The present Moving Average for the last 50 days of trading for this stock 4.16, while it was recorded at 5.32 for the last single week of trading, and 2.49 for the last 200 days.
MannKind Corporation [MNKD]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and MannKind Corporation [MNKD] shares currently have an operating margin of -38.05 and a Gross Margin at +62.17. MannKind Corporation’s Net Margin is presently recorded at -87.87.
Reflecting on the efficiency of the workforce at the company, MannKind Corporation [MNKD] managed to generate an average of -$237,510 per employee. Receivables Turnover for the company is 16.85 with a Total Asset Turnover recorded at a value of 0.64.MannKind Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.10.
Earnings analysis for MannKind Corporation [MNKD]
With the latest financial reports released by the company, MannKind Corporation posted -0.04/share EPS, while the average EPS was predicted by analysts to be reported at -0.06/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 33.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MNKD. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for MannKind Corporation go to 35.60%.
Insider trade positions for MannKind Corporation [MNKD]
There are presently around $301 million, or 32.40% of MNKD stock, in the hands of institutional investors. The top three institutional holders of MNKD stocks are: BLACKROCK INC. with ownership of 17,975,840, which is approximately 1.812% of the company’s market cap and around 1.30% of the total institutional ownership; VANGUARD GROUP INC, holding 12,291,714 shares of the stock with an approximate value of $49.29 million in MNKD stocks shares; and STATE STREET CORP, currently with $35.48 million in MNKD stock with ownership of nearly 137.376% of the company’s market capitalization.
Positions in MannKind Corporation stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 81 institutional holders increased their position in MannKind Corporation [NASDAQ:MNKD] by around 17,338,975 shares. Additionally, 57 investors decreased positions by around 11,064,833 shares, while 31 investors held positions by with 46,739,567 shares. The mentioned changes placed institutional holdings at 75,143,375 shares, according to the latest SEC report filing. MNKD stock had 29 new institutional investments in for a total of 7,845,283 shares, while 20 institutional investors sold positions of 6,713,860 shares during the same period.