Insider Selling: MannKind (NASDAQ:MNKD) EVP Sells $94,448.31 in Stock

MannKind Corporation (NASDAQ:MNKD) EVP Sanjay Singh sold 18,777 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $5.03, for a total transaction of $94,448.31. Following the completion of the sale, the executive vice president directly owned 455,211 shares of the company’s stock, valued at approximately $2,289,711.33. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

MannKind Price Performance

Shares of NASDAQ MNKD traded down $0.01 during mid-day trading on Friday, reaching $5.06. 3,460,552 shares of the company traded hands, compared to its average volume of 3,100,386. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.07. The firm has a market cap of $1.55 billion, a PE ratio of 46.00 and a beta of 1.11. The stock has a fifty day simple moving average of $5.43 and a 200-day simple moving average of $4.58.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The company had revenue of $82.13 million for the quarter, compared to analysts’ expectations of $80.47 million. During the same period last year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, analysts predict that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MNKD shares. Oppenheimer upped their price target on shares of MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, September 5th. HC Wainwright reiterated a “buy” rating on shares of MannKind in a research report on Monday. Wall Street Zen upgraded MannKind from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Leerink Partners started coverage on MannKind in a report on Thursday. They set an “outperform” rating and a $7.00 target price for the company. Finally, Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.21.

Institutional Trading of MannKind

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quaker Wealth Management LLC lifted its holdings in MannKind by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 6,896 shares during the period. Blueshift Asset Management LLC acquired a new position in MannKind in the 1st quarter valued at approximately $51,000. Sumitomo Mitsui Trust Group Inc. bought a new position in MannKind in the second quarter worth $42,000. Finally, Master S Wealth Management Inc. acquired a new stake in shares of MannKind during the 2nd quarter valued at about $44,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Company Profile

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.