MannKind (NASDAQ:MNKD) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded MannKind from “hold” to “sell,” adding to mixed analyst sentiment on the stock.
• Despite the downgrade, the broader analyst view remains Moderate Buy, with seven Buy ratings, two Hold ratings, one Sell rating, and a consensus price target of $8.97.
• MannKind reported weaker-than-expected Q1 results, posting a loss of $0.05 per share on revenue of $90.17 million, though revenue still rose 15.1% year over year.

MannKind (NASDAQ:MNKD - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

A number of other equities research analysts have also recently issued reports on MNKD. Wells Fargo & Company set a $11.00 price objective on MannKind and gave the stock an "overweight" rating in a research note on Monday, June 1st. Weiss Ratings cut shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research note on Monday, March 2nd. HC Wainwright boosted their target price on shares of MannKind from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Mizuho dropped their price target on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating on the stock in a research report on Thursday, May 7th. Finally, Wedbush cut their price target on shares of MannKind from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.97.

MannKind Price Performance

Shares of NASDAQ MNKD opened at $4.14 on Friday. The business has a 50-day moving average of $3.37 and a 200-day moving average of $4.13. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -59.18 and a beta of 1.13. MannKind has a fifty-two week low of $2.23 and a fifty-two week high of $6.51.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $90.17 million for the quarter, compared to the consensus estimate of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business's revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS. On average, sell-side analysts expect that MannKind will post -0.06 EPS for the current year.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the transaction, the director directly owned 808,008 shares in the company, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MannKind

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its holdings in shares of MannKind by 19.8% in the first quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company's stock valued at $278,000 after purchasing an additional 9,160 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of MannKind by 3.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock valued at $1,059,000 after purchasing an additional 6,079 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of MannKind by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company's stock worth $3,374,000 after buying an additional 53,202 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of MannKind by 42.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company's stock worth $5,057,000 after buying an additional 404,842 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of MannKind by 84.8% during the 2nd quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company's stock worth $140,000 after buying an additional 17,150 shares during the period. Institutional investors and hedge funds own 49.55% of the company's stock.

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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