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MannKind Corporation (MNKD) Shares Up Despite Earnings Miss

Afrezza sales are increasing

MannKind Corporation (NASDAQ:MNKD) stock was up today despite it reporting an earnings miss in its second quarter of 2017.

MannKind Corporation (MNKD) Shares Up Despite Earnings Miss

MannKind Corporation reported losses per share of 35 cents during its second quarter of the year. This is worse than its losses per share of 33 cents from the same time last year. It also failed to come in above Wall Street’s losses per share estimate of 25 cents for the quarter.

Revenue reported by MannKind Corporation in the second quarter of the year was $2.16 million. Revenue data from the second quarter of the previous year isn’t available. Analysts were expecting the company to report revenue of $2.75 million for the second quarter of 2017.

While MannKind Corporation’s revenue and earnings for the second quarter of 2017 didn’t help MNKD stock, sales of its drug Afrezza are on the rise. The company notes that net revenue was up 29% and gross revenue was up 60% when compared to the first quarter of 2017. Afrezza sales also made up $1.5 million of the company’s revenue for the quarter.

MannKind Corporation reported a net loss of $35.34 million during its second quarter of the year. This is a larger net loss than the $29.96 million that the company reported in the same period of the year prior.

MannKind Corporation also notes that it has plans to file a investigational new drug application by the end of the year. This will be for advancing treprostinil Technosphere for the treatment of pulmonary arterial hypertension.

MNKD stock started Tuesday down almost 6%, but is now up 2% as of Tuesday morning. The stock is down 61% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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