MannKind (NASDAQ:MNKD) Stock Falls 4.7% – Should You Sell?

MannKind Corporation (NASDAQ:MNKD)’s share price dropped 4.7% during trading on Friday. The company traded as low as $3.81 and last traded at $3.7650. 223,188 shares changed hands during trading, a decline of 96% from the average daily volume of 5,276,068 shares. The stock had previously closed at $3.95.

Analysts Set New Price Targets

MNKD has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 price target on shares of MannKind in a research report on Friday, September 11th. Zacks Research downgraded MannKind from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. HC Wainwright restated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company cut their price target on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.34.

MannKind Stock Down 5.2%

The company has a market cap of $1.20 billion, a price-to-earnings ratio of -28.81 and a beta of 1.09. The stock has a fifty day moving average price of $3.86 and a two-hundred day moving average price of $3.51.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. During the same quarter last year, the company posted $0.05 earnings per share. The company’s revenue was up 43.0% on a year-over-year basis. Analysts predict that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $3.29, for a total value of $128,477.79. Following the completion of the sale, the director directly owned 713,258 shares in the company, valued at approximately $2,346,618.82. The trade was a 5.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 111,660 shares of company stock valued at $414,881 in the last three months. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its holdings in shares of MannKind by 138.9% during the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock worth $33,419,000 after purchasing an additional 4,561,628 shares in the last quarter. Frazier Life Sciences Management L.P. raised its stake in MannKind by 11.9% in the second quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock valued at $28,116,000 after purchasing an additional 700,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in MannKind by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock worth $12,134,000 after purchasing an additional 509,692 shares during the period. 180 Wealth Advisors LLC lifted its position in MannKind by 45.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock worth $10,515,000 after purchasing an additional 1,332,759 shares during the period. Finally, Braidwell LP acquired a new stake in MannKind during the second quarter worth about $14,733,000. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Company Profile

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).