MannKind Co. (NASDAQ:MNKD) Director Sells $375,875.36 in Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 80,144 shares of MannKind stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of the sale, the director now owns 1,006,611 shares in the company, valued at $4,721,005.59. This represents a 7.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

MannKind Stock Performance

Shares of MNKD opened at $4.56 on Friday. The company’s 50-day simple moving average is $4.86 and its 200-day simple moving average is $5.78. MannKind Co. has a 1 year low of $4.34 and a 1 year high of $7.63. The stock has a market capitalization of $1.39 billion, a PE ratio of 65.14 and a beta of 1.14.

MannKind (NASDAQ:MNKD) last announced its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $78.35 million for the quarter, compared to the consensus estimate of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. On average, sell-side analysts predict that MannKind Co. will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MNKD has been the subject of a number of recent analyst reports. Wedbush reissued an “outperform” rating and set a $11.00 price objective on shares of MannKind in a research report on Thursday, February 27th. Mizuho assumed coverage on shares of MannKind in a research note on Thursday, April 10th. They set an “outperform” rating and a $12.00 target price for the company. Finally, StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, MannKind presently has an average rating of “Buy” and a consensus price target of $10.00.

Institutional Trading of MannKind

A number of large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership boosted its stake in shares of MannKind by 275.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after buying an additional 3,587,484 shares during the period. Nuveen LLC acquired a new position in shares of MannKind during the first quarter worth $17,011,000. Millennium Management LLC increased its holdings in MannKind by 108.8% in the fourth quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company’s stock valued at $22,167,000 after buying an additional 1,796,442 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in MannKind in the fourth quarter valued at $10,229,000. Finally, Vanguard Group Inc. raised its stake in MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after buying an additional 1,263,622 shares in the last quarter. 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.