Insider Selling: MannKind (NASDAQ:MNKD) Director Sells $128,477.79 in Stock

Key Points

• Director Steven Binder sold 39,051 MannKind shares at an average price of $3.29, generating $128,477.79 and reducing his direct holdings by 5.19% to 713,258 shares.
• MannKind shares rose 0.3% to $3.35, while the company reported quarterly revenue of $109.37 million, up 43% year over year, and an adjusted EPS loss of $0.01.
• Analyst sentiment remains mixed but leans positive: seven analysts rate the stock Buy, one Hold, and two Sell, producing a consensus “Moderate Buy” rating and an average price target of $8.34.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) Director Steven Binder sold 39,051 shares of the firm's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $3.29, for a total transaction of $128,477.79. Following the completion of the transaction, the director directly owned 713,258 shares of the company's stock, valued at approximately $2,346,618.82. This trade represents a 5.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

MannKind Trading Up 0.3%

Shares of MannKind stock traded up $0.01 during trading hours on Monday, reaching $3.35. 2,077,494 shares of the company's stock were exchanged, compared to its average volume of 4,070,112. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The stock has a market cap of $1.08 billion, a P/E ratio of -25.77 and a beta of 1.10. The company has a 50 day moving average of $3.88 and a two-hundred day moving average of $3.49.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The firm had revenue of $109.37 million for the quarter, compared to analyst estimates of $108.08 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. The business's revenue for the quarter was up 43.0% compared to the same quarter last year. As a group, analysts expect that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently modified their holdings of the business. Sei Investments Co. raised its stake in MannKind by 53.6% in the 1st quarter. Sei Investments Co. now owns 726,396 shares of the biopharmaceutical company's stock worth $1,780,000 after purchasing an additional 253,537 shares in the last quarter. Frazier Life Sciences Management L.P. grew its position in shares of MannKind by 11.9% during 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 purchasing an additional 700,000 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of MannKind by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock worth $12,134,000 after purchasing an additional 509,692 shares during the period. 180 Wealth Advisors LLC increased its holdings in shares of MannKind by 45.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock worth $10,515,000 after purchasing an additional 1,332,759 shares during the period. Finally, First Trust Advisors LP raised its position in shares of MannKind by 48.0% in the first quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company's stock valued at $2,130,000 after buying an additional 282,068 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on MNKD shares. Weiss Ratings reiterated a "sell (d)" rating on shares of MannKind in a report on Wednesday, July 8th. Zacks Research cut shares of MannKind from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 target price on shares of MannKind in a report on Friday, September 11th. Wells Fargo & Company decreased their price target 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. Finally, HC Wainwright reissued a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $8.34.

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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