Why MannKind, Intelsat, and Benefitfocus Jumped Today
Wednesday was a relatively calm day for the stock market, with major benchmarks generally posting modest gains to move incrementally further into record territory. Investors continued to debate the market's overall valuation, with some pointing to indicators like the cyclically adjusted price-to-earnings ratio as justifying concern, while others point to low interest rates as a way of explaining high earnings multiples. Meanwhile, some individual companies had good news that sent their shares much higher. MannKind (NASDAQ: MNKD), Intelsat (NYSE: I), and Benefitfocus (NASDAQ: BNFT) 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 jumped 25.5%, extending their gains during the first three trading sessions in October to more than 60%. On Monday, the biotechnology company said that the U.S. Food and Drug Administration had approved label changes to MannKind's inhalable insulin product Afrezza, which it hopes will allow its sales efforts to build momentum going forward. MannKind also said that it had successfully exchanged new common stock for outstanding warrants issued last year, cleaning up the company's capital structure and giving it more flexibility for future financial moves. Investors are excited about MannKind, and that's showing in its rapidly rising share price.
Image source: MannKind.
Source: Fool.com
