Why MannKind, Nutanix, and Smith & Nephew Jumped Today
The stock market ticked up on Tuesday, with the Dow and other major benchmarks posting gains of 0.1% to 0.3%. Concerns about the fate of the tax reform proposal in Washington continued to have some investors on edge, yet sentiment is generally favorable going into the beginning of earnings season. Helping to lift spirits on Wall Street were several pieces of good news from individual companies. MannKind (NASDAQ: MNKD), Nutanix (NASDAQ: NTNX), and Smith & Nephew (NYSE: SNN) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of MannKind soared 26% on Tuesday, adding to immense gains recently as analysts expressed optimistic views on the biotech stock. Analysts at H.C. Wainwright opened their coverage of MannKind by giving it a buy rating, setting a $7-per-share price target that helped prompt the latest surge in the stock. The analyst company believes that MannKind's Afrezza inhaled insulin has competitive advantages over injected insulin alternatives, and it expects that MannKind will eventually attract a buyout bid. Today's move takes MannKind's gains to about 250% just since late September, and it's clear that momentum is helping to carry share prices higher at this point.
Image source: MannKind.
Source: Fool.com
