MannKind (NASDAQ:MNKD) Sets New 52-Week Low - What's Next?

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.58 and last traded at $3.60, with a volume of 3442489 shares traded. The stock had previously closed at $3.74.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Mizuho began coverage on shares of MannKind in a research note on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, MannKind has a consensus rating of "Buy" and an average target price of $10.33.

MannKind Stock Down 0.4%

The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 36.05 and a beta of 0.96. The company's 50-day simple moving average is $4.25 and its 200-day simple moving average is $5.09.

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

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 80,144 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total transaction of $375,875.36. Following the completion of the sale, the director directly owned 1,006,611 shares of the company's stock, valued at approximately $4,721,005.59. This represents a 7.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the transaction, the executive vice president directly owned 772,427 shares in the company, valued at approximately $3,614,958.36. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 190,831 shares of company stock worth $846,298 in the last three months. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in shares of MannKind in the fourth quarter worth $37,000. Jones Financial Companies Lllp lifted 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 acquiring an additional 6,392 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in MannKind during the 4th quarter worth about $65,000. Blueshift Asset Management LLC acquired a new stake in MannKind during the 1st quarter worth about $51,000. Finally, Proficio Capital Partners LLC purchased a new position in MannKind during the 4th quarter valued at about $70,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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.