MannKind (NASDAQ:MNKD) Shares Pass Above Two Hundred Day Moving Average – Time to Sell?

MannKind Corporation (NASDAQ:MNKD)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.56 and traded as high as $4.03. MannKind shares last traded at $3.98, with a volume of 2,234,752 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MNKD shares. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Royal Bank Of Canada lifted their price target on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Finally, Mizuho lowered their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.22.

MannKind Price Performance

The stock’s fifty day simple moving average is $4.05 and its 200-day simple moving average is $3.55. The stock has a market cap of $1.27 billion, a P/E ratio of -30.46 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $109.37 million for the quarter, compared to analysts’ expectations of $108.08 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. Analysts forecast that MannKind Corporation will post -0.2 EPS for the current year.

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the completion of the transaction, the director owned 785,867 shares of the company’s stock, valued at approximately $3,190,620.02. The trade was a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP acquired a new stake in shares of MannKind in the second quarter valued at approximately $47,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of MannKind during the second quarter worth approximately $82,000. California State Teachers Retirement System grew its holdings in MannKind by 315.4% in the 2nd quarter. California State Teachers Retirement System now owns 1,577,193 shares of the biopharmaceutical company’s stock worth $6,719,000 after buying an additional 1,197,481 shares in the last quarter. Frazier Life Sciences Management L.P. grew its holdings in MannKind by 11.9% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock worth $28,116,000 after buying an additional 700,000 shares in the last quarter. Finally, HB Wealth Management LLC bought a new stake in MannKind during the 2nd quarter valued at $70,000. Institutional investors 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. 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).