MannKind Corporation (NASDAQ: MNKD) is having a great day in the market today. However, if you’re digging for the reason, you’re not going to find it on Yahoo! Finance News or through SEC filings. Nonetheless, there’s a good reason for the gains.
Today, MNKD is in the center of two analyst coverage initiations. Both of which provided a great rating. Today, we’ll talk about:
- The initiations;
- what we’re seeing form MNKD stock as a result; and
- what we’ll be watching for ahead.
MNKD Gains On Coverage Initiations
As mentioned above, MannKind is having a great day in the market today, and for good reason. While the company hasn’t issued any news of its own, it is the topic of two positive coverage initiations.
This morning, MNKD was picked up by the following analysts:
- Leerink Swann – Leerink Swann initiated coverage on the stock. The analyst did not provide a price target, but rated the stock as an Outperform.
- Svb Leerink – Svb Leerink also initiated coverage on the stock this morning. The analyst also started the stock as an Outperform and provided a price target of $3.00. That price target suggests a potential upside of 100%.
Investors tend to follow analysts as analysts have made it their career to analyze the market and rate opportunities. Therefore, when analysts make initiations, we tend to see reactions in the values of the stocks.
Considering that, the gains in MNKD today are easily attributable to the analyst initiations on the stock this morning.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to MannKind, while the company didn’t issue any news, the news of analyst initiations proved to be positive.
Considering that, it’s not surprising to see that excited investors are pushing the stock for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (12:31), MNKD is trading at $1.50 per share after a gain of $0.50 per share or 3.45% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MNKD. In particular, we’re interested in following the story surrounding the company’s continued work to expand Afrezza sales as well as expand the uses of its technosphere technology. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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