Steven B. Binder Sells 12,078 Shares of MannKind Co. (NASDAQ:MNKD) Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 12,078 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $4.40, for a total transaction of $53,143.20. Following the transaction, the director now owns 989,343 shares in the company, valued at approximately $4,353,109.20. This trade represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

MannKind Price Performance

Shares of NASDAQ MNKD opened at $4.22 on Friday. The stock has a fifty day moving average price of $4.77 and a 200 day moving average price of $5.68. MannKind Co. has a 1-year low of $4.05 and a 1-year high of $7.63. The company has a market cap of $1.28 billion, a PE ratio of 60.29 and a beta of 1.14.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The firm had revenue of $78.35 million during the quarter, compared to the consensus estimate of $75.86 million. During the same period last year, the company earned $0.05 earnings per share. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. Analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MannKind

Several hedge funds have recently modified their holdings of MNKD. Arrowstreet Capital Limited Partnership lifted its holdings in shares of MannKind by 275.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock worth $31,427,000 after purchasing an additional 3,587,484 shares during the period. Nuveen LLC acquired a new stake in MannKind in the first quarter valued at $17,011,000. Millennium Management LLC lifted its holdings in 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 acquiring an additional 2,375,198 shares during the period. Graham Capital Management L.P. acquired a new stake in MannKind in the fourth quarter valued at $10,229,000. Finally, Vanguard Group Inc. lifted its holdings in MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after acquiring an additional 1,263,622 shares during the period. 49.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MNKD has been the topic of a number of research reports. Mizuho initiated coverage on shares of MannKind in a research report on Thursday, April 10th. They set an “outperform” rating and a $12.00 target price on the stock. Wedbush restated an “outperform” rating and set a $11.00 target price on shares of MannKind in a research 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 Wednesday, March 19th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company 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.