MannKind (NASDAQ:MNKD) Shares Down 3.1% – Time to Sell?

MannKind Co. (NASDAQ:MNKD) shares dropped 3.1% on Friday . The stock traded as low as $5.96 and last traded at $5.83. Approximately 293,565 shares traded hands during trading, a decline of 83% from the average daily volume of 1,733,035 shares. The stock had previously closed at $6.01.

Analyst Upgrades and Downgrades

Several brokerages have commented on MNKD. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. Finally, Wells Fargo & Company started coverage on MannKind in a research note on Friday, December 20th. They set an “overweight” rating and a $9.00 price target for the company. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $9.07.

MannKind Price Performance

The stock has a market capitalization of $1.65 billion, a PE ratio of 85.21 and a beta of 1.29. The firm has a fifty day moving average price of $6.60 and a two-hundred day moving average price of $6.22.

Insiders Place Their Bets

In other news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the sale, the director now owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. The trade was a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 55,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares of the company’s stock, valued at $7,099,181.94. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock worth $1,325,587 over the last quarter. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in MannKind by 401.8% during the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after acquiring an additional 134,937 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of MannKind during the third quarter valued at approximately $12,252,000. Barclays PLC increased its holdings in MannKind by 186.0% during the third quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock valued at $3,271,000 after buying an additional 338,121 shares during the period. International Assets Investment Management LLC raised its stake in MannKind by 511.6% in the third quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock worth $558,000 after buying an additional 74,189 shares in the last quarter. Finally, Parkman Healthcare Partners LLC lifted its holdings in MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after buying an additional 894,486 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

About MannKind

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults.