Shares of MannKind Corporation (NASDAQ:MNKD – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $3.89, but opened at $4.06. MannKind shares last traded at $3.9950, with a volume of 1,925,140 shares.
Analyst Ratings Changes
Several equities analysts have recently issued reports on MNKD shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Wall Street Zen upgraded MannKind from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Mizuho dropped their price objective on MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. HC Wainwright restated a “buy” rating on shares of MannKind in a research report on Thursday. Finally, Zacks Research lowered shares of MannKind from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.97.
Read Our Latest Report on MNKD
MannKind Stock Performance
MannKind (NASDAQ:MNKD – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The company had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. During the same quarter in the prior year, the business earned $0.04 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, research analysts forecast that MannKind Corporation will post -0.06 earnings per share for the current year.
Insiders Place Their Bets
In other MannKind news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the transaction, the director owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.60% of the company’s stock.
Institutional Trading of MannKind
Institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its holdings in MannKind by 108.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 2,927 shares during the period. International Assets Investment Management LLC acquired a new stake in MannKind in the fourth quarter worth $45,000. Huntington National Bank raised its holdings in MannKind by 420.0% in the fourth quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 8,400 shares during the period. Laurel Wealth Advisors LLC bought a new position in shares of MannKind during the fourth quarter worth $60,000. Finally, Lido Advisors LLC bought a new position in shares of MannKind during the fourth quarter worth $63,000. 49.55% of the stock is owned by institutional investors.
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).
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