MannKind (NASDAQ:MNKD) Reaches New 1-Year Low – Should You Sell?

MannKind Co. (NASDAQ:MNKD)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $3.70 and last traded at $3.77, with a volume of 212708 shares changing hands. The stock had previously closed at $3.81.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price target for the company. Wedbush reiterated an “outperform” rating and issued a $11.00 price objective on shares of MannKind in a report on Thursday, February 27th. Finally, Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research report on Saturday. Six investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, MannKind currently has an average rating of “Buy” and an average target price of $10.33.

MannKind Stock Down 1.7%

The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 53.64 and a beta of 1.02. The stock’s fifty day moving average is $4.47 and its 200-day moving average is $5.33.

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

Insiders Place Their Bets

In other MannKind news, Director Steven B. Binder sold 80,144 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total transaction of $375,875.36. Following the sale, the director now owns 1,006,611 shares in the company, valued at $4,721,005.59. This represents a 7.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David Thomson sold 32,179 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the transaction, the executive vice president now owns 772,427 shares in the company, valued at $3,614,958.36. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,831 shares of company stock valued at $846,298 over the last quarter. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its holdings in MannKind by 275.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after acquiring an additional 3,587,484 shares in the last quarter. Nuveen LLC bought a new stake in shares of MannKind during the first quarter worth approximately $17,011,000. Millennium Management LLC raised its position in shares of MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock valued at $29,288,000 after buying an additional 2,375,198 shares in the last quarter. Graham Capital Management L.P. acquired a new position in MannKind during the fourth quarter valued at approximately $10,229,000. Finally, Vanguard Group Inc. grew its stake in shares of MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock worth $87,131,000 after purchasing an additional 1,263,622 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors.

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.