MannKind Corporation (NASDAQ:MNKD) announced Wednesday that it will be presenting at the Bank of America Merrill Lynch 2014 Healthcare Conference. The conference will be held at the Wynn Hotel in Las Vegas. MannKind will present at 8:40 AM Pacific Time on Wednesday, May 14. Notably, the biopharmaceutical company will report its first quarter results on Monday, May 12.
Earnings reports don’t have much impact on MannKind’s stock performance
Wall Street forecasts MannKind Corporation (NASDAQ:MNKD) to report a net loss of 13 cents per share, compared to a loss of 15 cents in the same quarter of 2013. However, earnings reports haven’t been a big driver to the company’s stock performance. It’s the speculations around its insulin inhaler Afrezza that send the stock soaring or sinking. Moreover, MannKind shares plunged heavily in early April after its rival Dance Biopharm filed for an IPO. Its Dance 501 product delivers liquid insulin through an electronic inhaler. Dance Biopharm said it will commence clinical trial for the Dance 501 in early 2015, and will seek approval in the U.S., EU and China.
In early April, the USFDA regulators recommended MannKind Corporation (NASDAQ:MNKD)’s Afrezza. They voted 13 – 1 and 14 – 0 in favor of the drug for type-1 and type-2 diabetes. But the stock plunged 22% on April 7 when the FDA said that it has extended the review date to July 15. Speculations around Afrezza have kept the analysts working overtime. Some rate MannKind a Buy, others have a Hold rating, and yet other analysts recommend selling the stock. If approved, the drug will have immense revenue potential. According to the American Diabetes Association, U.S. diabetes market was worth $245 billion in 2012.
MannKind planning to enter the pain management market
On May 6, MannKind Corporation (NASDAQ:MNKD) chief operating officer Hakan Edstrom said that the company is planning to enter the pain management market. The company’s pain management research is still in pre-clinical phase. But the Valencia, California-based company has been focused on getting Afrezza approved, so it hasn’t made significant progress in the pain management research.
MannKind Corporation (NASDAQ:MNKD) shares gained 0.32% to $6.22 at 12:43 PM EDT on Thursday.