MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder Sells 64,085 Shares

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 64,085 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $4.00, for a total value of $256,340.00. Following the sale, the director now owns 925,258 shares of the company’s stock, valued at $3,701,032. This represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

MannKind Stock Performance

Shares of MNKD stock opened at $3.83 on Friday. MannKind Co. has a one year low of $3.80 and a one year high of $7.63. The company’s 50-day simple moving average is $4.50 and its 200-day simple moving average is $5.39. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 54.71 and a beta of 1.02.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $78.35 million for the quarter, compared to analysts’ expectations of $75.86 million. During the same quarter last year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, research analysts forecast that MannKind Co. will post 0.1 EPS for the current year.

Hedge Funds Weigh In On MannKind

Several large investors have recently modified their holdings of the stock. E Fund Management Co. Ltd. lifted its position in shares of MannKind by 9.0% during the fourth quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company’s stock worth $142,000 after purchasing an additional 1,828 shares during the last quarter. Xponance Inc. lifted its holdings in MannKind by 10.6% in the fourth quarter. Xponance Inc. now owns 19,067 shares of the biopharmaceutical company’s stock worth $123,000 after acquiring an additional 1,828 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in MannKind by 4.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company’s stock worth $306,000 after acquiring an additional 2,420 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in MannKind by 10.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 28,174 shares of the biopharmaceutical company’s stock worth $181,000 after acquiring an additional 2,657 shares during the last quarter. Finally, AXQ Capital LP lifted its holdings in MannKind by 19.8% in the fourth quarter. AXQ Capital LP now owns 22,530 shares of the biopharmaceutical company’s stock worth $145,000 after acquiring an additional 3,717 shares during the last quarter. Institutional investors own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Mizuho assumed coverage on MannKind in a research note on Thursday, April 10th. They set an “outperform” rating and a $12.00 target price for the company. Wedbush restated 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 downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $10.00.

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.