MannKind (NASDAQ:MNKD) Downgraded by Wall Street Zen to "Hold"

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 cut shares of MannKind (NASDAQ:MNKD - Free Report) from a buy rating to a hold rating in a report released on Saturday.

Several other equities analysts have also commented on MNKD. Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price for the company. Royal Bank Of Canada reduced their price objective on MannKind from $10.00 to $8.00 and set an "outperform" rating for the company in a research report on Wednesday, July 23rd. Finally, 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. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $9.86.

MannKind Trading Down 11.2%

MannKind stock traded down $0.45 during midday trading on Friday, hitting $3.55. The stock had a trading volume of 6,404,853 shares, compared to its average volume of 2,313,097. The stock has a market cap of $1.08 billion, a P/E ratio of 35.15 and a beta of 1.02. MannKind has a 12 month low of $3.45 and a 12 month high of $7.63. The business has a fifty day moving average price of $3.90 and a 200 day moving average price of $4.68.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. MannKind's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.05 earnings per share. On average, equities analysts anticipate that MannKind will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 80,144 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of the sale, the director owned 1,006,611 shares of the company's stock, valued at $4,721,005.59. This trade represents a 7.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction on 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 owned 772,427 shares in the company, valued at $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 266,198 shares of company stock worth $1,143,244 over the last three months. Company insiders own 3.00% of the company's stock.

Institutional Trading of MannKind

A number of institutional investors have recently bought and sold shares of MNKD. Simon Quick Advisors LLC bought a new stake in shares of MannKind during the 2nd quarter worth approximately $180,000. Quaker Wealth Management LLC lifted its position in shares of MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company's stock valued at $26,000 after purchasing an additional 14,000 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in MannKind by 4.7% during the second quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company's stock worth $291,000 after buying an additional 3,506 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in MannKind during the second quarter worth about $42,000. Finally, 180 Wealth Advisors LLC increased its stake in shares of MannKind by 17.6% in the second quarter. 180 Wealth Advisors LLC now owns 2,582,010 shares of the biopharmaceutical company's stock worth $9,657,000 after purchasing an additional 387,306 shares in the last quarter. Institutional investors 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.