MannKind (NASDAQ:MNKD) Stock Rating Lowered by Wall Street Zen

Key Points

• MannKind has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, indicating a more cautious outlook on the stock.
• Analyst reports show mixed sentiments, with price targets ranging from $8.00 to $12.00, and an average target price of $9.86.
• Insider transactions revealed notable sales, with Director Steven B. Binder and EVP David Thomson selling portions of their holdings, signaling potential concerns among insiders.

Wall Street Zen lowered shares of MannKind (NASDAQ:MNKD - Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.

Other equities analysts have also issued reports about the company. HC Wainwright upgraded MannKind to a "buy" rating and set a $9.00 target price for the company in a research report on Wednesday, July 16th. Royal Bank Of Canada dropped their price target on MannKind from $10.00 to $8.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. Finally, Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price on the stock. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $9.86.

MannKind Stock Performance

Shares of NASDAQ MNKD traded down $0.03 during mid-day trading on Friday, reaching $3.75. The company had a trading volume of 2,543,159 shares, compared to its average volume of 2,550,986. The stock has a fifty day moving average of $3.91 and a two-hundred day moving average of $4.70. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 37.50 and a beta of 1.02. MannKind has a 12-month low of $3.51 and a 12-month high of $7.63.

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

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 80,144 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total transaction of $375,875.36. Following the sale, the director directly owned 1,006,611 shares in the company, valued at approximately $4,721,005.59. This trade represents a 7.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David Thomson sold 32,179 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the sale, the executive vice president owned 772,427 shares in the company, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 266,198 shares of company stock valued at $1,143,244 in the last ninety days. 3.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Several large investors have recently made changes to their positions in MNKD. KLP Kapitalforvaltning AS bought a new stake in MannKind during the fourth quarter worth approximately $343,000. Gotham Asset Management LLC lifted its holdings in shares of MannKind by 22.4% during the 4th quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company's stock valued at $341,000 after purchasing an additional 9,717 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of MannKind in the 4th quarter valued at $10,229,000. Man Group plc grew its position in MannKind by 61.4% during the 4th quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company's stock worth $3,719,000 after purchasing an additional 219,891 shares during the period. Finally, Vanguard Group Inc. grew its position in MannKind by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 16,058,557 shares of the biopharmaceutical company's stock worth $103,257,000 after purchasing an additional 420,334 shares during the period. 49.55% of the stock is currently owned by hedge funds and other 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.