MannKind Corporation (NASDAQ:MNKD) announced the confirmation that following the completion of initial formulation studies it received a $1 million milestone payment from Receptor Life Sciences, Inc. (RLS) on Friday, December 30, 2016. This milestone payment is part of a previously announced collaboration and license agreement between the company and RLS.
Matthew J. Pfeffer, Chief Executive Officer of MannKind, commented, “The results of these studies have further validated the versatility of our formulation technology. We are pleased with the progress to date and look forward to the next phase of product development in our collaboration with RLS.” (Original Source)
Shares of MannKind Corporation are currently rising 2.9% to $0.656, or up $0.019 in pre-market trading Tuesday. MNKD has a 1-year high of $2.24 and a 1-year low of $0.41. The stock’s 50-day moving average is $0.62 and its 200-day moving average is $0.76.
On the ratings front, J.P. Morgan analyst Cory Kasimov reiterated a Sell rating on MNKD, in a report issued on November 10. According to TipRanks.com, Kasimov has a yearly average loss of 12.8%, a 29% success rate, and is ranked #4241 out of 4345 analysts.
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer. MannKind was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Valencia, CA.