Stock Update (NASDAQ:MNKD): Securities Class Action Against MannKind Corporation Dismissed
MannKind Corporation (NASDAQ:MNKD) announced that the United States District Court for the Central District of California has dismissed the class action that was pending against MannKind Corporation and two of its executives. The Court granted the defendants’ motion to dismiss the plaintiffs’ amended class action complaint without leave to amend, thereby closing the case. The plaintiffs can appeal the decision within 30 days. (Original Source)
Shares of MannKind are up 1.15% to $0.88 in pre-market trading. MNKD has a 1-year high of $4.07 and a 1-year low of $0.64. The stock’s 50-day moving average is $1.01 and its 200-day moving average is $1.20.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on August 19, Piper Jaffray analyst Joshua Schimmer reiterated a Sell rating on MNKD, with a price target of $0.10, which reflects a potential downside of -88.5% from last closing price. Separately, on August 8, 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, Joshua Schimmer and Cory Kasimov have a total average return of -6.2% and -13.7% respectively. Schimmer has a success rate of 38.6% and is ranked #3975 out of 4127 analysts, while Kasimov has a success rate of 29.3% and is ranked #4013.
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.