Insider Selling: MannKind (NASDAQ:MNKD) EVP Sells 18,777 Shares of Stock

MannKind Corporation (NASDAQ:MNKD) EVP Sanjay Singh sold 18,777 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $5.03, for a total value of $94,448.31. Following the completion of the transaction, the executive vice president directly owned 455,211 shares in the company, valued at $2,289,711.33. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

MannKind Price Performance

Shares of NASDAQ:MNKD traded down $0.01 during midday trading on Friday, reaching $5.06. The company’s stock had a trading volume of 3,460,552 shares, compared to its average volume of 3,100,386. The business’s fifty day simple moving average is $5.43 and its 200-day simple moving average is $4.58. The company has a market capitalization of $1.55 billion, a P/E ratio of 46.00 and a beta of 1.11. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.07.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The firm had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. During the same quarter last year, the company posted $0.04 EPS. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. On average, analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently modified their holdings of the stock. Level Four Advisory Services LLC raised its holdings in MannKind by 12.5% in the 3rd quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock valued at $93,000 after acquiring an additional 1,925 shares during the period. Franklin Resources Inc. boosted its stake in shares of MannKind by 1.4% in the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock valued at $871,000 after buying an additional 2,201 shares during the period. E Fund Management Co. Ltd. increased its position in shares of MannKind by 11.9% in the first quarter. E Fund Management Co. Ltd. now owns 24,667 shares of the biopharmaceutical company’s stock worth $124,000 after purchasing an additional 2,628 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of MannKind by 9.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 30,913 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 2,739 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of MannKind by 4.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company’s stock valued at $291,000 after buying an additional 3,506 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MNKD has been the subject of several recent research reports. Oppenheimer boosted their price objective on MannKind from $12.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, September 5th. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Wells Fargo & Company cut their price objective on MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their target price on MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, MannKind currently has an average rating of “Moderate Buy” and a consensus target price of $10.21.

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.