MannKind (NASDAQ:MNKD) Trading Down 8.1% – Time to Sell?

MannKind Corporation (NASDAQ:MNKD) shares were down 8.1% on Monday . The company traded as low as $3.45 and last traded at $3.4640. Approximately 5,247,522 shares traded hands during trading, a decline of 9% from the average daily volume of 5,764,335 shares. The stock had previously closed at $3.77.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MNKD shares. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. HC Wainwright upped their price objective on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wedbush lowered their price target on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company set a $11.00 price target on MannKind and gave the company an “overweight” rating in a research report on Monday. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.97.

MannKind Stock Performance

The stock has a market capitalization of $1.07 billion, a P/E ratio of -49.49 and a beta of 1.04. The company’s 50-day moving average price is $2.87 and its 200 day moving average price is $4.34.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The business had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the firm earned $0.04 EPS. Analysts predict that MannKind Corporation will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the transaction, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael Castagna acquired 100,000 shares of the stock in a transaction dated Tuesday, March 10th. The shares were bought at an average price of $2.59 per share, with a total value of $259,000.00. Following the completion of the purchase, the chief executive officer directly owned 2,575,911 shares of the company’s stock, valued at approximately $6,671,609.49. This trade represents a 4.04% increase in their position. The SEC filing for this purchase provides additional information. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its holdings in MannKind by 43.2% during the first quarter. Bank of America Corp DE now owns 3,383,677 shares of the biopharmaceutical company’s stock worth $8,290,000 after acquiring an additional 1,021,456 shares during the period. Amundi purchased a new stake in MannKind in the 1st quarter worth approximately $128,000. California State Teachers Retirement System boosted its position in MannKind by 48.5% in the 1st quarter. California State Teachers Retirement System now owns 379,712 shares of the biopharmaceutical company’s stock worth $930,000 after purchasing an additional 124,097 shares in the last quarter. Royal Bank of Canada grew its stake in shares of MannKind by 4.8% during the 1st quarter. Royal Bank of Canada now owns 216,563 shares of the biopharmaceutical company’s stock worth $531,000 after purchasing an additional 9,951 shares during the period. Finally, Empowered Funds LLC purchased a new position in shares of MannKind during the 1st quarter valued at approximately $1,875,000. 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. 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).