MannKind Corporation Down 23.2% After Hitting 52-Week Low (MNKD)

Shares of Valencia, California-based MannKind Corporation

are trading down 23.2% at $3.89 per share during the Friday afternoon trading session. The day's trading range for shares of MannKind Corporation has been between $3.76 and $4.52 per share. Analysts covering the company's stock give it a consensus price target of $5.35 per share. Abraham, Fruchter & Twersky, LLP announced on Friday morning that it had filed a class action lawsuit on behalf of a class of investors who purchased Mannkind Corporation common stock between the period of June 25, 2010 through January 19, 2011. The complaint alleges that Mannkind and certain of its officers and directors violated federal securities for failing to inform investors that the company's AFREZZA product was a riskier product than investors were led to believe. Volume of 18.4 million shares is nearly 5 times the daily average volume of 4 million shares. MannKind Corporation (

) announced after the market closed on Thursday that it beat consensus Wall Street earnings expectations. MannKind Corporation announced a 4th quarter loss of 33 cents per share, on revenue of $24.22 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 40 cents per share. MannKind Corporation focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes and cancer. Read more