MannKind Disappoints Again With Afrezza Sales

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

MannKind Corporation MNKD shares were trading lower by $0.24 (5.2 percent) at $4.34 in Thursday's session. The price of the issue continues to decline as sales for its main drug, Afrezza, continue to come in short of estimates.

The most recent disappointing update came out today, with sales for Q1 coming in at $1 million, well shy of the analyst consensus target of $3 million to $4 million.

The issue, which has been in a major downtrend since peaking on February 10 at $7.88, has reached a new low for the recent decline at $4.31, surpassing the former low of the move of $4.50. This marks the lowest level for the issue since it bottomed at $3.80 in March 2014.

Hedge fund manager Martin Shkreli is exerting additional downside pressure on the issue. He has taken to Twitter to announce his plans to cover his short at $1, even though he believes their equity is "worthless."