MannKind Corporation (NASDAQ:MNKD) Continues To Move Down
One sector which had a huge impact of Government shutdown was Biotechnology amidst growing concerns of US government defaulting. There is also a view among trading fraternity that biotech stocks are overvalued, hence recent sell off. MannKind Corporation (NASDAQ:MNKD) has seen a erosion of 21.65% in its market cap in last one month and it doesn’t look to stop here as the daily chart of the stock still looks to be in downtrend. Stock has strong support at $4 from where it had bounced in May’13.
Stock is trading below its 20-Day and 50-Day EMA which stands at $5.58 and $5.98 respectively. It is better to stay away from bio-tech stocks till uncertainty around them is cleared.
In Wednesday’s trading, MannKind Corporation (NASDAQ:MNKD) rose by 1.28%. The opening price of the shares was $4.69, which climbed to an intraday high of $4.78 and dipped to a close of $4.74. Approximately 8.47 million shares were traded on Wednesday while an average volume of 4.95 million shares were traded over a 30 day period. The 52-week low of MannKind Corporation (NASDAQ:MNKD) shares is $1.82 and its 52-week high is $8.70. The company has a market capitalization of $1.43 billion.
About the company
MannKind Corporation (NASDAQ:MNKD) is a development stage bio-pharmaceutical company. It focuses on discovering, developing and commercializing therapeutic products for diseases like diabetes and cancer. AFREZZA, its product candidate, AFREZZA is an inhalation powder. This insulin is in late stage clinical-investigation and is used to treat adults with type-I or type-II diabetes to control hyperglycemia. The inhalation-powder is centered on the class of potential of hydrogen -sensitive organic molecules. It uses the Technosphere formulation technology.