Dallas, Texas 08/26/2013 (Financialstrend) – MannKind Corporation (NASDAQ:MNKD) had proved successful to meet out the conditions required to obligate the Deerfield Private Design Fund LLP to buy out the second tranche of 9.75% senior secured Convertible notes for an aggregate value of $40 million. This had been possible primarily owing to the company’s achievement of specified results at the 171 and 175 researches being presently conducted. The studies had now proved to satisfy the main efficiency endpoints and further have not presented any results which would prove to uphold negative security issues, which would have otherwise prevented or revert the approval of the drug, AFREZZA.
In line with such effective developments related to the clinical studies and receipt of second tranche of financing, the stock of MannKind Corporation (NASDAQ:MNKD) had been given Buy rating by the analysts at MLV Capital who had further boosted the price targets from the earlier $8 per share to $11 per share. In addition, there had also been many other equity research analysts who were focusing on this stock in the recent days.
MannKind Corporation (NASDAQ:MNKD) had been presenting decrease in prices by 6.28% on Friday to close the week at $5.52 per share. The stock had been observed to present intraday price movements in the range of $5.37 to $5.87 per share on Friday and had further attracted around 15.46 million trades on the last day of the week. However, the average level of trading volume for the stock had been reported to be at 9.77 million shares per day. It is recorded that the stock’s 52 week lowest price is at $1.82 and 52 week highest price is at $8.70 per share. The company’s total outstanding shares in the market are at 301.77 million to record market cap at $1.67 billion and institutional holdings are at 18%.