MannKind Corporation (NASDAQ: MNKD)
As expected, MannKind reported earnings this morning. They also announced the appointment of a new chief medical officer. So today, we’ll take a look at the company’s earnings report, who they appointed as chief medical officer, and how this will affect the stock moving forward. So, let’s get right to it…
When it comes to earnings, MannKind reported that they have beat analyst expectations. For the second quarter, analysts expected to see a loss of $0.08. However, MNKD actually reported a loss of $0.07; beating analyst expectations by one cent. However, today there is far bigger news than earnings.
MNKD Appoints New Chief Medical Officer
MannKind also released a press release this morning to announce the appointment of a new chief medical officer. The new CMO is Dr. Raymond Urbanski. As chief medical officer, Dr. Urbanski will “lead MannKind’s overall drug development activities and will be a member of the executive leadership team.” Dr. Urbanski is no stranger to the biotechnology industry. As a matter of fact, he has held CMO roles at Mylan and Metabolix. He has also held the positiion as vice president of Pfizer, as well as vice president and chief medical officer at Suntory Pharmaceuticals. Throughout the past 25 years, Dr. Urbanski has been gaining experience in the areas of oncology, rheumatology, cardiology, endocrinology, and immunology. Here’s what Hakan Edstrom, MannKind’s CEO had to say about the appointment of the new CMO…
“Dr. Urbanski is a terrific addition to our team and I am very pleased to have a person of his caliber as part of the organization… Ray’s experience in drug development across multiple therapeutic areas, combined with his proven leadership capabilities, will be invaluable to us as we drive growth through our product technology platforms.”
MannKind’s Conference Call
The company has also made big announcements in the conference call following earnings. One of the biggest announcements during the earnings call was the fact that the company is getting close to approval for Afrezza in Europe. While they didn’t say they had it in the bag, it was clear that this was coming; which puts into light the reasoning behind tripling Afrezza production capability. This proved to be a big reason for excitement among investors who seem to have a majority bullish outlook according to what I’m seeing in the Stock Twits MNKD Stream.
What We’re Seeing In The Market So Far
It’s still early. Nonetheless, MNKD is seeing great growth so far this morning. Currently (9:49) the stock is trading at $4.28 per share after a gain of %7.66 so far.
What We Can Expect To See Moving Forward
If you follow my writing here or elsewhere, you know that I’ve had a bullish opinion of MNKD for quite some time now. The news today only solidifies that opinion. Moving forward, I’m expecting more growth as MNKD moves for European and Asian approval, the new CMO helps to build the company further, and Afrezza produces sales; which is likely to happen sooner than I initially expected. As with all bulls, I’m incredibly excited to see what will happen next!
What Do You Think?
Where do you think MNKD is headed and why? Let us know in the comments below!