MannKind (NASDAQ:MNKD) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded MannKind from “hold” to “strong sell,” while the broader analyst consensus remains “hold,” with an average price target of $8.39.
• MannKind reported quarterly revenue of $109.37 million, up 43% year over year, and posted adjusted EPS of negative $0.01, in line with analyst expectations.
• The stock opened at $4.06, near its 50-day average of $4.05; a company director sold 39,051 shares at an average price of $4.06, while institutional investors own 49.55% of the shares.

MannKind (NASDAQ:MNKD - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Thursday, Zacks reports.

Other equities research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of MannKind from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Wells Fargo & Company lowered their target price on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Thursday, August 6th. HC Wainwright restated a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Royal Bank Of Canada upped their price target on shares of MannKind from $3.50 to $4.75 and gave the stock a "sector perform" rating in a research note on Thursday, May 7th. Finally, Mizuho decreased their price target on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research note on Thursday, May 7th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, MannKind currently has a consensus rating of "Hold" and an average price target of $8.39.

MannKind Price Performance

Shares of MannKind stock opened at $4.06 on Thursday. The business's fifty day moving average price is $4.05 and its two-hundred day moving average price is $3.54. The company has a market capitalization of $1.31 billion, a P/E ratio of -31.23 and a beta of 1.10. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The firm's quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. On average, research analysts expect that MannKind will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In other news, Director Steven Binder sold 39,051 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.60% of the company's stock.

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. grew its position in MannKind by 1.4% in the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company's stock worth $871,000 after buying an additional 2,201 shares during the last quarter. Mariner LLC lifted its position in shares of MannKind by 1.3% during the 4th quarter. Mariner LLC now owns 209,479 shares of the biopharmaceutical company's stock valued at $1,188,000 after acquiring an additional 2,777 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of MannKind by 108.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company's stock valued at $32,000 after acquiring an additional 2,927 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of MannKind by 2.1% during the 4th quarter. Royal Bank of Canada now owns 206,612 shares of the biopharmaceutical company's stock worth $1,170,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of MannKind by 1.7% during the 3rd quarter. Alliancebernstein L.P. now owns 279,091 shares of the biopharmaceutical company's stock worth $1,499,000 after acquiring an additional 4,541 shares in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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).

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