MannKind (NASDAQ:MNKD) Reaches New 52-Week Low - Should You Sell?

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

Analysts Set New Price Targets

MNKD has been the topic of a number of analyst reports. Mizuho initiated coverage on shares of MannKind in a research report on Thursday, April 10th. They set an "outperform" rating and a $12.00 price objective on the stock. Wall Street Zen cut shares of 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 issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, MannKind has an average rating of "Buy" and an average price target of $10.33.

MannKind Price Performance

The stock's fifty day moving average price is $4.22 and its 200 day moving average price is $5.06. The stock has a market capitalization of $1.08 billion, a P/E ratio of 35.40 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, topping analysts' consensus estimates of $0.03 by $0.01. MannKind had a net margin of 10.12% and a negative return on equity of 32.41%. The company had revenue of $78.35 million during the quarter, compared to analyst estimates of $75.86 million. During the same period in the prior year, the firm earned $0.05 earnings per share. The firm's revenue for the quarter was up 18.1% compared to the same quarter last year. On average, sell-side analysts expect that MannKind Corporation will post 0.1 earnings per share for the current 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 shares were sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the sale, the executive vice president directly owned 772,427 shares of the company's stock, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $256,340.00. Following the sale, the director directly owned 925,258 shares of the company's stock, valued at approximately $3,701,032. The trade was a 6.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 190,831 shares of company stock valued at $846,298. Insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently modified their holdings of the stock. E Fund Management Co. Ltd. grew its stake in shares of MannKind by 9.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company's stock worth $142,000 after purchasing an additional 1,828 shares during the period. Xponance Inc. grew its stake in MannKind by 10.6% in the 4th quarter. Xponance Inc. now owns 19,067 shares of the biopharmaceutical company's stock valued at $123,000 after acquiring an additional 1,828 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in MannKind by 4.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company's stock valued at $306,000 after acquiring an additional 2,420 shares during the period. Summit Investment Advisors Inc. grew its stake in MannKind by 10.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 28,174 shares of the biopharmaceutical company's stock valued at $181,000 after acquiring an additional 2,657 shares during the period. Finally, AXQ Capital LP grew its stake in MannKind by 19.8% in the 4th quarter. AXQ Capital LP now owns 22,530 shares of the biopharmaceutical company's stock valued at $145,000 after acquiring an additional 3,717 shares during the period. 49.55% of the stock is 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.