78.5 F
San Fernando
Tuesday, Jun 6, 2023

Storm Delays MannKind Results Until Thursday

MannKind Corp. was among multiple companies that halted release of earnings reports on Monday due to the closure of the market due to Hurricane Sandy. The delay will keep investors on edge as they await the latest earnings from the Valencia biotech, which announced earlier this month it would sell up to $500 million in stock, warrants and debt. Stocks have fallen 13 percent since the announcement. The company plans to release third-quarter results Nov. 1. MannKind needs the cash as it works to get Food and Drug Administration approval of its Afrezza inhalable insulin. The product has struggled to make it to market due to continuing demands for additional testing by the FDA. Patients for additional clinical trials were enrolled this month, with the results expected to be released in the summer. Among other companies delaying their earnings on Monday were DreamWorks Animation SKG Inc., Glendale maker of animated films, which rescheduled them for Thursday, and MPG Office Trust Inc., a Los Angeles commercial real estate company that owns the U.S. Bank Tower, which will release them on Nov. 5. MannKind shares lost 3 cents, or less than 2 percent, to close at $1.87 on Friday on the Nasdaq. Shares did not trade on Monday.

Featured Articles

Related Articles