MannKind (NASDAQ:MNKD) Shares Down 5.1% – Should You Sell?

MannKind Corporation (NASDAQ:MNKD) fell 5.1% during mid-day trading on Friday. The stock traded as low as $3.24 and last traded at $3.2450. 1,501,859 shares changed hands during trading, a decline of 71% from the average session volume of 5,254,848 shares. The stock had previously closed at $3.42.

Analyst Ratings Changes

Several brokerages have recently weighed in on MNKD. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Truist Financial decreased their price objective on shares of MannKind from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company dropped their price objective on MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research note on Friday, October 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $8.00 target price on shares of MannKind in a research report on Friday, September 11th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, MannKind currently has a consensus rating of “Moderate Buy” and an average price target of $7.84.

MannKind Price Performance

The firm’s fifty day moving average price is $3.83 and its 200-day moving average price is $3.54. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -24.96 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. During the same period in the prior year, the firm earned $0.05 EPS. The business’s revenue for the quarter was up 43.0% on a year-over-year basis. As a group, equities analysts forecast that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Insider Activity at MannKind

In other MannKind news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $3.29, for a total value of $128,477.79. Following the completion of the transaction, the director directly owned 713,258 shares of the company’s stock, valued at approximately $2,346,618.82. The trade was a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 111,660 shares of company stock worth $414,881 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MNKD. Sequoia Financial Advisors LLC lifted its position in MannKind by 41.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock valued at $297,000 after acquiring an additional 20,480 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of MannKind in the 2nd quarter valued at $197,000. Integrated Wealth Concepts LLC purchased a new stake in MannKind in the 2nd quarter worth approximately $78,000. Squarepoint Ops LLC bought a new stake in shares of MannKind during the second quarter worth $1,760,000. Finally, Allworth Financial LP increased its position in shares of MannKind by 2,013.4% during the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock worth $47,000 after purchasing an additional 10,550 shares during the last quarter. 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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).