Steven B. Binder Sells 75,367 Shares of MannKind Corporation (NASDAQ:MNKD) Stock

MannKind Corporation (NASDAQ:MNKD - Get Free Report) Director Steven B. Binder sold 75,367 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the transaction, the director owned 830,508 shares in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

MannKind Price Performance

Shares of MNKD traded up $0.07 during midday trading on Monday, reaching $3.83. 655,218 shares of the stock were exchanged, compared to its average volume of 2,425,979. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 38.25 and a beta of 0.96. MannKind Corporation has a twelve month low of $3.51 and a twelve month high of $7.63. The business's 50-day moving average price is $4.02 and its 200 day moving average price is $4.86.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. The firm had revenue of $78.35 million for the quarter, compared to analysts' expectations of $75.86 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm's revenue for the quarter was up 18.1% on a year-over-year basis. As a group, equities research analysts expect that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MNKD shares. Wall Street Zen raised MannKind from a "hold" rating to a "buy" rating in a report on Friday. Mizuho started coverage on MannKind in a report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 target price for the company. Finally, HC Wainwright upgraded MannKind to a "buy" rating and set a $9.00 target price for the company in a report on Wednesday, July 16th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $10.14.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Farther Finance Advisors LLC increased its position in MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 6,896 shares during the period. GF Fund Management CO. LTD. acquired a new stake in MannKind in the 4th quarter worth about $37,000. Jones Financial Companies Lllp boosted its stake in MannKind by 3,294.8% in the 4th quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company's stock worth $42,000 after buying an additional 6,392 shares during the last quarter. Blueshift Asset Management LLC acquired a new stake in MannKind in the 1st quarter worth about $51,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of MannKind during the 2nd quarter worth $51,000. Institutional investors and hedge funds own 49.55% of the company's stock.

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.