MannKind (MNKD) Stock Hammered by Quarterly Results
NEW YORK (TheStreet) -- MannKind Corp. (MNKD) - Get Report shares are tumbling 9.41% to $2.60 in Monday's afternoon trading session on heavy trading volume following the Valencia, CA-based biopharmaceutical company's third quarter 2015 earnings that missed analysts' projections.
For the quarter ended September 30, the company reported a loss of 8 cents a share while analysts had expected a loss of 7 cents a share.
In the same period the year before, MannKind reported a loss of 9 cents a share.
Net loss for the recent quarter was $31.9 million, based on 405.2 million weighted average shares outstanding, compared to a net loss of $36.5 million based on 394.2 million weighted average shares outstanding for the same period the year prior.
The company added that product shipments of Afrezza, its rapid-acting inhaled insulin therapy, was $17.1 million for the latest quarter.
MannKind focuses on the discovery, development, and commercialization of therapeutic products for diabetes in the U.S.
data by