Shares of MannKind Corp. fell about 7 percent Wednesday following the company’s latest earnings report and its announcement of a $50 million stock sale.
The Westlake Village biotech, which makes an inhalable insulin, on Tuesday reported an adjusted loss of $32.8 million, or -28 cents a share, on revenue of $4.5 million for the fourth quarter that ended Dec. 31. MannKind had losses of 31 cents a share in the fourth quarter of the previous year.
Analysts on average had expected earnings equal to -29 cents a share on revenue of roughly $2.6 million for the fourth quarter, according to Thomson Financial.
For the full year, MannKind’s reported a loss of $117 million (-$1.13 a share) on revenue of $11.7 million. Earnings were on par with Wall Street predictions, and revenue beat analysts’ expectations by about $2.4 million.
In a Wednesday conference call with investors, MannKind said it signed an agreement with L.A.-based financial services firm Cantor Fitzgerald & Co. for an “at-the-market” sale of $50 million worth of shares. Shares will be sold over time, according to filings with the Securities and Exchange Commission.
MannKind stock fell 23 cents or 7.3 percent to close at $2.93 on the Nasdaq on Wednesday – a day when Nasdaq overall fell 0.8 percent.