10 Worst Cancer Stocks To Buy Now According to Short Sellers

6. MannKind Corporation (NASDAQ:MNKD)

Short % of Float: 14.60%

Number of Hedge Fund Holders: 20

MannKind Corporation (NASDAQ:MNKD) is a U.S.-based biopharmaceutical company focused on developing and commercializing inhaled therapies for endocrine and orphan lung diseases. The company also makes therapeutic products for cancer, inflammatory, and autoimmune diseases.

In Q2 2024, MannKind Corporation (NASDAQ:MNKD) reported record revenues of $72 million, driven by its key products, Tabesa DPI and Afrezza. Despite reporting a GAAP net loss of $2 million due to early debt repayment, the company remains financially strong with $262 million in cash and investments. Moreover, MannKind Corporation (NASDAQ:MNKD) hit a 52-week high in late August, climbing to $6.04 as investors showed strong support for the company’s promising performance and growth outlook. This milestone marks a notable surge in investor confidence, with the stock experiencing a 57.40% increase year-to-date.

Oppenheimer recently raised MNKD’s price target to $12.00, citing the potential market expansion of TYVASO for treating idiopathic pulmonary fibrosis (IPF), which could generate up to $5 billion in peak sales by 2033, benefiting MannKind through royalties. Additionally, Leerink Partners initiated coverage of MannKind Corporation (NASDAQ:MNKD) with an Outperform rating and an $8.00 price target, highlighting multiple opportunities for value creation beyond its current business and royalty streams.

According to Insider Monkey’s Q2 database, MannKind Corporation (NASDAQ:MNKD) appeared in 20 hedge fund portfolios, up from 19 in the previous quarter. The largest stakeholder is Seth Rosen’s Nitorum Capital, holding roughly 10 million shares valued at $52.6 million.