MannKind (NASDAQ:MNKD) Stock Price Down 5.2% – Time to Sell?

Shares of MannKind Corporation (NASDAQ:MNKD) dropped 5.2% on Monday . The stock traded as low as $3.76 and last traded at $3.90. Approximately 1,159,261 shares were traded during trading, a decline of 51% from the average daily volume of 2,375,340 shares. The stock had previously closed at $4.11.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MNKD. HC Wainwright upgraded MannKind to a “buy” rating and set a $9.00 price objective for the company in a report on Wednesday, July 16th. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Royal Bank Of Canada decreased their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat.com, MannKind currently has an average rating of “Buy” and a consensus price target of $9.71.

MannKind Price Performance

The firm has a 50-day moving average of $3.80 and a 200 day moving average of $4.47. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 35.87 and a beta of 1.02.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. During the same quarter in the previous year, the firm earned $0.05 EPS. The business’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the company’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the sale, the director directly owned 830,508 shares of the company’s stock, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. LPL Financial LLC lifted its stake in MannKind by 61.9% in the 4th quarter. LPL Financial LLC now owns 45,630 shares of the biopharmaceutical company’s stock valued at $293,000 after purchasing an additional 17,452 shares during the last quarter. Raymond James Financial Inc. acquired a new position in MannKind during the fourth quarter worth approximately $4,209,000. Barclays PLC raised its stake in MannKind by 6.2% in the fourth quarter. Barclays PLC now owns 552,143 shares of the biopharmaceutical company’s stock valued at $3,550,000 after buying an additional 32,278 shares during the period. First Trust Advisors LP acquired a new stake in shares of MannKind in the fourth quarter valued at approximately $4,998,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of MannKind by 40.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,958,219 shares of the biopharmaceutical company’s stock valued at $19,022,000 after buying an additional 855,261 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.