Insider Selling: MannKind Co. (NASDAQ:MNKD) Director Sells 64,085 Shares of Stock

MannKind Co. (NASDAQ:MNKD - Get Free Report) Director Steven B. Binder sold 64,085 shares of the company'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 transaction, the director now 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 SEC, which is available at this hyperlink.

MannKind Stock Down 1.0%

NASDAQ MNKD traded down $0.04 during trading on Wednesday, hitting $3.88. The stock had a trading volume of 3,604,230 shares, compared to its average volume of 2,394,961. The company has a market capitalization of $1.18 billion, a PE ratio of 55.43 and a beta of 1.02. The firm has a 50 day moving average price of $4.52 and a 200 day moving average price of $5.41. MannKind Co. has a twelve month low of $3.87 and a twelve month high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. The company had revenue of $78.35 million during the quarter, compared to analysts' expectations of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The firm's revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.05 EPS. On average, sell-side analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MNKD. Barclays PLC boosted its holdings in MannKind by 186.0% in the third quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company's stock valued at $3,271,000 after purchasing an additional 338,121 shares in the last quarter. Principal Financial Group Inc. raised its stake in MannKind by 9.5% during the 4th quarter. Principal Financial Group Inc. now owns 184,575 shares of the biopharmaceutical company's stock worth $1,187,000 after acquiring an additional 16,057 shares in the last quarter. Beirne Wealth Consulting Services LLC purchased a new stake in MannKind in the fourth quarter valued at $66,000. Marshall Investment Management LLC purchased a new stake in MannKind in the fourth quarter valued at $69,000. Finally, Bank of New York Mellon Corp boosted its stake in MannKind by 7.0% in the fourth quarter. Bank of New York Mellon Corp now owns 789,760 shares of the biopharmaceutical company's stock valued at $5,078,000 after acquiring an additional 51,598 shares in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MNKD has been the subject of several research analyst reports. Mizuho started coverage on MannKind in a research note on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price for the company. Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a report on Friday, June 6th. Finally, Wedbush reiterated an "outperform" rating and issued a $11.00 target price on shares of MannKind in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, MannKind has an average rating of "Buy" and a consensus target price of $10.00.

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.