MannKind (NASDAQ:MNKD) Sets New 1-Year Low After Insider Selling

MannKind Co. (NASDAQ:MNKD) shares hit a new 52-week low during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $3.89 and last traded at $3.96, with a volume of 2121626 shares traded. The stock had previously closed at $4.37.

Specifically, Director Steven B. Binder sold 64,085 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $4.00, for a total value of $256,340.00. Following the completion of the sale, the director now directly owns 925,258 shares of the company’s stock, valued at $3,701,032. This represents a 6.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

Several research firms have commented on MNKD. Mizuho initiated coverage on MannKind in a research note on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of MannKind in a research note on Thursday, February 27th. Finally, Wall Street Zen cut MannKind from a “buy” rating to a “hold” rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, MannKind currently has a consensus rating of “Buy” and an average price target of $10.00.

MannKind Trading Down 1.0%

The business has a 50 day simple moving average of $4.52 and a two-hundred day simple moving average of $5.41. The company has a market cap of $1.18 billion, a PE ratio of 55.43 and a beta of 1.02.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The firm had revenue of $78.35 million during the quarter, compared to analyst estimates of $75.86 million. During the same period in the prior year, the firm posted $0.05 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts expect that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MannKind

Several institutional investors and hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new position in MannKind during the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp raised its stake in shares of MannKind by 3,294.8% during the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock valued at $42,000 after purchasing an additional 6,392 shares during the period. Blueshift Asset Management LLC acquired a new position in shares of MannKind during the first quarter worth $51,000. Sowell Financial Services LLC acquired a new position in shares of MannKind during the first quarter worth $56,000. Finally, Kovitz Investment Group Partners LLC purchased a new position in shares of MannKind in the fourth quarter valued at $65,000. 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.