MannKind (NASDAQ:MNKD) Stock Price Down 6.1% – Should You Sell?

Shares of MannKind Co. (NASDAQ:MNKD) traded down 6.1% on Wednesday . The company traded as low as $5.37 and last traded at $5.31. 819,734 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,842,712 shares. The stock had previously closed at $5.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MNKD shares. Royal Bank of Canada raised shares of 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. Wedbush assumed coverage on shares of MannKind in a research report on Monday, February 10th. They set an “outperform” rating and a $11.00 price target for the company. Wells Fargo & Company began coverage on MannKind in a research note on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price for the company. Finally, StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $9.21.

MannKind Price Performance

The business’s fifty day moving average price is $6.05 and its two-hundred day moving average price is $6.29. The stock has a market capitalization of $1.49 billion, a PE ratio of 77.36 and a beta of 1.28.

Institutional Investors Weigh In On MannKind

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Mackenzie Financial Corp increased its position in shares of MannKind by 146.6% during the 4th quarter. Mackenzie Financial Corp now owns 80,218 shares of the biopharmaceutical company’s stock worth $516,000 after purchasing an additional 47,690 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of MannKind in the 4th quarter valued at about $37,000. Focus Partners Advisor Solutions LLC acquired a new position in MannKind in the fourth quarter valued at $111,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in MannKind by 7.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 617,670 shares of the biopharmaceutical company’s stock valued at $3,972,000 after purchasing an additional 41,142 shares during the last quarter. Finally, Waverly Advisors LLC purchased a new stake in MannKind during the 4th quarter valued at approximately $72,000. Institutional investors and hedge funds 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.