Steven Binder Sells 33,558 Shares of MannKind (NASDAQ:MNKD) Stock

Key Points

• Director Steven Binder sold 33,558 MannKind shares at an average price of $3.81, generating approximately $127,856 and reducing his direct ownership by 4.27% to 752,309 shares.
• MannKind shares were recently trading near $3.75, while the company reported quarterly revenue of $109.37 million, up 43% year over year, and adjusted analysts’ expectations with an EPS loss of $0.01.
• Institutional investors own 49.55% of MannKind, with several large funds increasing their stakes; analyst sentiment remains mixed, though the overall consensus is “Moderate Buy” with an average price target of $8.34.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) Director Steven Binder sold 33,558 shares of the firm's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $3.81, for a total value of $127,855.98. Following the sale, the director directly owned 752,309 shares of the company's stock, valued at $2,866,297.29. The trade was a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

MannKind Stock Performance

Shares of MNKD remained flat at $3.75 during trading on Monday. 3,129,179 shares of the company's stock were exchanged, compared to its average volume of 3,019,188. The business's fifty day moving average is $4.00 and its 200-day moving average is $3.45. The firm has a market cap of $1.21 billion, a PE ratio of -28.85 and a beta of 1.10. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51.

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

Institutional Trading of MannKind

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of MannKind by 138.9% in the second quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock worth $33,419,000 after buying an additional 4,561,628 shares during the period. Frazier Life Sciences Management L.P. lifted its position in 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 acquiring an additional 700,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in MannKind by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock worth $12,134,000 after acquiring an additional 509,692 shares in the last quarter. 180 Wealth Advisors LLC boosted its holdings in MannKind by 45.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock worth $10,515,000 after acquiring an additional 1,332,759 shares during the period. Finally, Braidwell LP purchased a new position in MannKind in the 2nd quarter worth approximately $14,733,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on MNKD. Wall Street Zen lowered MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Zacks Research cut shares of MannKind from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 3rd. HC Wainwright restated a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Wells Fargo & Company dropped their target price on MannKind from $14.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a research note on Wednesday, July 8th. Seven investment 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 has an average rating of "Moderate Buy" and an average target price 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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