MannKind (NASDAQ:MNKD) Reaches New 1-Year Low After Insider Selling

MannKind Co. (NASDAQ:MNKD) shares reached a new 52-week low during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $3.89 and last traded at $3.96, with a volume of 2121626 shares trading hands. The stock had previously closed at $4.37.

Specifically, Director Steven B. Binder sold 64,085 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $4.00, for a total transaction of $256,340.00. Following the completion of the sale, the director now directly owns 925,258 shares of the company’s stock, valued at approximately $3,701,032. This trade represents a 6.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MNKD shares. Mizuho began coverage on shares of MannKind in a research report on Thursday, April 10th. They set an “outperform” rating and a $12.00 price objective for the company. Wall Street Zen lowered MannKind from a “buy” rating to a “hold” rating in a research report on Friday, June 6th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $10.00.

MannKind Trading Down 1.0%

The company has a fifty day simple moving average of $4.52 and a two-hundred day simple moving average of $5.41. The company has a market cap of $1.18 billion, a PE ratio of 55.43 and a beta of 1.02.

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

Institutional Trading of MannKind

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. E Fund Management Co. Ltd. increased its holdings in shares of MannKind by 9.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company’s stock valued at $142,000 after acquiring an additional 1,828 shares during the last quarter. Xponance Inc. increased its stake in MannKind by 10.6% in the fourth quarter. Xponance Inc. now owns 19,067 shares of the biopharmaceutical company’s stock valued at $123,000 after purchasing an additional 1,828 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in MannKind by 4.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company’s stock worth $306,000 after purchasing an additional 2,420 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in MannKind by 10.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 28,174 shares of the biopharmaceutical company’s stock worth $181,000 after purchasing an additional 2,657 shares in the last quarter. Finally, AXQ Capital LP grew its position in shares of MannKind by 19.8% in the 4th quarter. AXQ Capital LP now owns 22,530 shares of the biopharmaceutical company’s stock valued at $145,000 after buying an additional 3,717 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.