The stock prices of both Westlake Village biotech MannKind Corp. and Salem Media Group in Camarillo closed down Wednesday following the companies’ disclosure of their third-quarter financial results.
MannKind, the maker of Afrezza inhalable insulin, had a net loss of $3.3 million (-31 cents a share) during the period ended Sept. 30. In last year’s third quarter, which marked the company’s first quarter of sales since repurchasing Afrezza from French biopharmaceutical Sanofi, MannKind had reported earnings equal to $1.31 a share.
The company’s performance was below Wall Street expectations. Analysts on average had predicted third-quarter losses of 20 cents a share, according to Thomson Financial.
MannKind fell short of Wall Street expectations for revenue as well, generating only $2 million compared to the $3.9 million expected. The company reported revenue of $16.2 million for the third-quarter of 2016.
MannKind disclosed its financial results after trading closed Tuesday. On Wednesday, the company’s stock (MKND) fell 25 cents, or about 7.7 percent, to close at $3.00 a share on the Nasdaq.
Salem Media Group, a multimedia broadcaster of Christian and conservative content, also fell short of Wall Street expectations for both earnings and revenue. The company reported a net loss of $46,000, which was flat on a per-share basis. Wall Street was looking for positive earnings equal to 9 cents a share.
Salem reported earnings equal to 8 cents a share for the third quarter last year.
The company generated $65.4 million in revenue during the period, a decline of about 8 percent year over year. Analysts on average had predicted revenue of $67.4 million.
Salem reported its financial results after the market closed on Tuesday. On Wednesday, shares of its stock (SALM) fell 25 cents, or about 4.3 percent, to close at $5.60 on the Nasdaq.