MannKind Corporation (NASDAQ: MNKD)
MannKind stock has had a rough time in the market recently. As you probably already know by now, Goldman Sachs downgraded the stock (in a controversial move) last month; causing the price to plummet. Since then, we’ve seen big climbs followed by steep falls; but relatively no long term movement in either direction. Nonetheless, we’re seeing some pretty strong movement on heavy volume today; looking like it could break the resistance point! So, today we’ll chat about why MNKD is actually a good buy, whether or not this rally is likely to pass the resistance point, and what we can expect in the future.
Why I Have Faith In MNKD
This is a topic that I’ve talked about often. So, not to be redundant, here are the details of why I still have quite a bit of faith. As far as main points, here’s why I think MNKD is great…
- Afrezza – Based on physician feedback Afrezza is a great insulin. So, it will most likely spread through the diabetic community in a big way.
- GS Downgrade – Afrezza was only out for about 3 weeks before the downgrade; however, low sales were a big reason for it. All in all, we can’t expect a product to take off like a rocket in 3 weeks when we talk about medicine.
What We’re Seeing Today
Today, MannKind is getting relatively close to the resistance point that has been kicking it down over the past few weeks. Rising on heavy volume, the stock has gained 1.15% so far today (12:28) and is trading at $5.27 per share.
Now the big question is, “Will MannKind break out?” In my opinion, I think the company is worth far more than what they are trading at. The stock has already broken the short term resistance point at $5.25 and while it may not happen this rally, I think we’re going to see it break the $5.34 mark relatively soon.
What Do You Think?
Is MNKD starting to break out? Do you think MNKD is a good investment for the long run? Let us know in the comments below!