MannKind (NASDAQ:MNKD) Sets 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 Tuesday . The company traded as low as $3.70 and last traded at $3.77, with a volume of 212708 shares changing hands. The stock had previously closed at $3.81.

Analyst Ratings Changes

Several analysts have recently commented on MNKD shares. Mizuho started coverage on MannKind in a research report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 target price for the company. Wedbush reaffirmed an "outperform" rating and set a $11.00 target price on shares of MannKind in a research note on Thursday, February 27th. Finally, Wall Street Zen raised shares of MannKind from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, MannKind has a consensus rating of "Buy" and an average target price of $10.33.

MannKind Stock Performance

The company has a market capitalization of $1.15 billion, a PE ratio of 37.70 and a beta of 1.02. The stock has a 50 day moving average price of $4.41 and a two-hundred day moving average price of $5.29.

MannKind (NASDAQ:MNKD - Get Free Report) last issued 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 firm had revenue of $78.35 million for the quarter, compared to analyst estimates of $75.86 million. MannKind had a net margin of 10.12% and a negative return on equity of 32.41%. The company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. Sell-side analysts predict that MannKind Corporation will post 0.1 earnings per share for the current year.

Insider Activity

In other news, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction that occurred 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 transaction, the executive vice president now owns 772,427 shares of the company's stock, valued at $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 SEC, which can be accessed through this hyperlink. Also, Director Steven B. Binder sold 64,085 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $4.00, for a total transaction of $256,340.00. Following the completion of the sale, the director now owns 925,258 shares of the company's stock, valued at $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. In the last 90 days, insiders have sold 190,831 shares of company stock worth $846,298. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MNKD. Arrowstreet Capital Limited Partnership increased its position in MannKind by 275.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock worth $31,427,000 after buying an additional 3,587,484 shares during the period. Nuveen LLC acquired a new stake in shares of MannKind in the first quarter worth $17,011,000. Millennium Management LLC raised its stake in MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock valued at $29,288,000 after purchasing an additional 2,375,198 shares during the last quarter. Graham Capital Management L.P. acquired a new position in MannKind during the 4th quarter valued at $10,229,000. Finally, Vanguard Group Inc. boosted its holdings in MannKind by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock valued at $87,131,000 after purchasing an additional 1,263,622 shares during the period. Institutional investors and hedge funds 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.