MannKind (NASDAQ:MNKD) Stock Rating Lowered by Zacks Research

MannKind (NASDAQ:MNKD) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday, Zacks reports.

A number of other analysts have also recently weighed in on MNKD. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Mizuho cut their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. Wall Street Zen downgraded MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Royal Bank Of Canada lifted their price objective on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.39.

MannKind Stock Performance

NASDAQ MNKD opened at $4.06 on Thursday. The firm’s fifty day moving average is $4.05 and its two-hundred day moving average is $3.54. MannKind has a one year low of $2.23 and a one year high of $6.51. The firm has a market cap of $1.31 billion, a PE ratio of -31.23 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 earnings per share. Research analysts predict that MannKind will post -0.2 earnings per share for the current year.

Insider Transactions at MannKind

In other news, Director Steven Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total transaction of $158,547.06. Following the completion of the transaction, the director directly owned 785,867 shares of the company’s stock, valued at approximately $3,190,620.02. This represents a 4.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MNKD. Corient Private Wealth LP purchased a new position in MannKind in the second quarter worth $47,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of MannKind during the 2nd quarter worth $82,000. California State Teachers Retirement System grew its stake in shares of MannKind by 315.4% during the 2nd quarter. California State Teachers Retirement System now owns 1,577,193 shares of the biopharmaceutical company’s stock worth $6,719,000 after purchasing an additional 1,197,481 shares during the period. Frazier Life Sciences Management L.P. increased its holdings in shares of MannKind by 11.9% in the 2nd 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. Finally, HB Wealth Management LLC purchased a new position in shares of MannKind in the 2nd quarter valued at about $70,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

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).