Goldman Sachs Slams MannKind, Shares Down 9%
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
MannKind Corproation (NASDAQ: MNKD) shares were trading lower by $0.64 (9 percent) at $6.00 in Tuesday's session. Goldman Sachs is the ax in the issue, downgrading it from Sell from Neutral. Perhaps more alarming is the risk/reward cited by the firm with a downside of 55 percent vs. 5 percent to upside.
The issue, which recently peaked on February 9 at $7.63 on the heels of positive news regarding its primary product, AfreZza, could not hold that elevated level and quickly retreated back under $7.00. After continuing to drift lower to the $6.50 level, the Goldman Sachs downgrade instigated a sharply lower open from Monday's close ($6.64) vs. Tuesday's open ($6.12).
When the issue was unable to recover from lower open, it fell back under $6.00 to $5.74 before staging a rebound. The current low coincides with its January 26 low at $5.73.
At time of writing, it was struggling to revisit the $6.00 handle.
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