Tuesday Morning’s Market Insights: MannKind Corporation (MKND), Skyworks Solutions Inc (SWKS), Canadian Solar Inc. (CSIQ), Organovo Holdings Inc (ONVO)
MannKind Corporation (NASDAQ:MNKD) is down almost 8% in early morning trading following disappointing Q3 earnings released yesterday after market-close. Specifically, the earnings highlighted higher than normal cash burn of $20 million. Sanofi, Mannkind’s partner in producing its most popular diabetes drug Afrezza, also reported weaker than expected sales figures earlier this month. In an attempt to gain capital, MannKind plans on selling up to 50 million shares to Israeli hedge funds. Analyst Joshua Schimmer of Piper Jaffray reiterated an Underweight rating and a $1.50 price target on MNKD, attributing his rating to “the disappointing launch of Afrezza and increasing net-debt position.” According to the 3 analysts polled by TipRanks in the last 3 months, all 3 rated MNKD as Sell. The average 12-month price target for MNKD is $1.50, marking a 43% downside from where shares last closed.
Click here to Joshua Schimmer’s past rating and performance history
Skyworks Solutions Inc (NASDAQ:SWKS) fell 4.15% to $81.37 after Microsemi Corporation announced that PMC-Sierra favors its acquisition offer over that of Skyworks Solutions. Microsemi and Skyworks Solutions have been pinned against one another in a bidding war to buy PMC-Sierra. Microsemi’s offer is valued at $11.97 while Skyworks Solutions’ proposal is valued at $11.60, both on a per-share basis. According to the 8 analysts polled by TipRanks in the last 3 months, 7 are bullish on Skyworks Solutions and 1 is neutral. The average 12-month price target between these 8 analysts is $115.80, marking a 43% potential upside from current levels.
Canadian Solar Inc. (NASDAQ:CSIQ) is up 10% in pre-market trading immediately following its Q3 earnings release. The company reported revenues of $849.8 million and earnings of $0.53 per share, far surpassing analysts’ estimates of $0.29 and $811.26 million, respectively. During this quarter, the company completed many ventures, such as the purchase of 3 Canadian solar power plants, starting operations of 4 solar power plants in Japan, and winning bids for 5 solar power plants in Brazil. Additionally, management expects revenues to be between $930-$980 million next quarter. According to the 6 analysts polled by TipRanks in the last 3 months, all 6 rated CSIQ as Buy. The average 12-month price target for CSIQ is $33.67, marking 46% upside from where shares last closed.
Organovo Holdings Inc (NYSE:ONVO) fell 8.67% in pre-market trading after the company posted Q2 earnings yesterday after market close. The stock is trading down because it missed analysts’ expectations for the third quarter. The 3D biology printing company posted a loss of $11.3 million and a loss per share of ($0.12), below analysts’ estimates of ($0.10). Organovo develops bio-printing technology and creates tissue for research and medical purposes. According to the 2 analysts polled by TipRanks in the last 3 months, 1 has rated ORVO as Buy while another remained on the sidelines. The average 12 month price target for ONVO is $3.75, marking a 16.10% upside from where shares last closed.