MannKind (NASDAQ:MNKD) Reaches New 1-Year Low - Here's Why

MannKind Corporation (NASDAQ:MNKD - Get Free Report) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $3.51 and last traded at $3.56, with a volume of 116991 shares traded. The stock had previously closed at $3.60.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MNKD. Mizuho began coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price on the stock. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a report on Friday, June 27th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, MannKind presently has an average rating of "Buy" and a consensus target price of $10.33.

MannKind Stock Down 0.5%

The firm has a 50 day moving average of $4.15 and a two-hundred day moving average of $5.02. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 38.00 and a beta of 0.96.

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

Insider Activity

In other MannKind news, EVP David Thomson sold 32,179 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven B. Binder sold 64,085 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $4.00, for a total value of $256,340.00. Following the completion of the transaction, the director owned 925,258 shares of the company's stock, valued at $3,701,032. This represents a 6.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 190,831 shares of company stock worth $846,298 over the last ninety days. 2.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

Several large investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in shares of MannKind by 358.6% during the fourth quarter. Victory Capital Management Inc. now owns 219,367 shares of the biopharmaceutical company's stock worth $1,411,000 after acquiring an additional 171,537 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock valued at $31,427,000 after acquiring an additional 3,587,484 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of MannKind by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,270,106 shares of the biopharmaceutical company's stock valued at $14,597,000 after buying an additional 45,277 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of MannKind during the fourth quarter valued at approximately $70,000. Finally, Cibc World Markets Corp purchased a new position in shares of MannKind during the fourth quarter valued at approximately $162,000. 49.55% of the stock is currently owned by institutional investors.

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.