MannKind Corporation (NASDAQ:MNKD) announced today the company has fully relocated its corporate headquarters to a 12,596-square-foot location in the Westlake Landmark office park in Westlake Village, California.
MannKind, which is currently commercializing Afrezza® (insulin human) inhalation powder, moved from Valencia, California to be in an area well known for its biopharmaceutical talent and to offer greater convenience to its current employees.
“MannKind is a dynamic, fast-moving and rapidly growing company. To fuel this growth, we need to add more talented people to our team. Moving to Westlake Village, which is proximal to a large number of companies in our industry, will help us attract top talent,” said Michael Castagna, CEO, MannKind Corporation. “We’re excited to be a member of the Westlake Village and greater Conejo Valley business community.”
MannKind has shattered the paradigm of diabetes management with Afrezza, the only inhalable insulin that improves glycemic control in adults with diabetes. MannKind also has additional therapeutic products in the pipeline using its dry powder formulation as a drug delivery platform.
Shares of MannKind are up nearly 3% to $1.93 in pre-market trading Tuesday. MNKD has a 1-year high of $4.34 and a 1-year low of $0.67. The stock’s 50-day moving average is $1.39 and its 200-day moving average is $1.35.
On the ratings front, MNKD has been the subject of a number of recent research reports. In a report issued on September 1, Maxim analyst Jason Kolbert reiterated a Buy rating on MNKD, with a price target of $4.00, which implies an upside of 114% from current levels. Separately, on May 11, J.P. Morgan’s Cory Kasimov reiterated a Sell rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Cory Kasimov have a yearly average loss of -11.4% and a return of 4.1% respectively. Kolbert has a success rate of 33% and is ranked #4588 out of 4642 analysts, while Kasimov has a success rate of 44% and is ranked #1135.
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.