MannKind (MNKD) Stock Hammered by Quarterly Results

MannKind (MNKD) shares are tumbling on Monday after the biopharmaceutical company reported third quarter 2015 earnings that missed analysts' projections.
By U-Jin Lee ,

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.

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