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

MannKind Co. (NASDAQ:MNKD - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The stock traded as low as $3.89 and last traded at $3.96, with a volume of 2121626 shares changing hands. The stock had previously closed at $4.37.

Analysts Set New Price Targets

Several research firms have weighed in on MNKD. Wall Street Zen cut MannKind from a "buy" rating to a "hold" rating in a report on Friday, June 6th. Wedbush reaffirmed an "outperform" rating and issued a $11.00 price target on shares of MannKind in a report on Thursday, February 27th. Finally, Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $10.00.

MannKind Trading Down 1.0%

The company has a market capitalization of $1.18 billion, a PE ratio of 55.43 and a beta of 1.02. The stock has a fifty day moving average of $4.52 and a two-hundred day moving average of $5.41.

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 for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. The company had revenue of $78.35 million for the quarter, compared to analysts' expectations of $75.86 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. MannKind's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the firm posted $0.05 EPS. Equities analysts forecast that MannKind Co. will post 0.1 EPS for the current year.

Insiders Place Their Bets

In other MannKind news, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the transaction, the executive vice president now directly owns 772,427 shares of the company's stock, valued at $3,614,958.36. The trade was a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven B. Binder sold 80,144 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of the transaction, the director now directly owns 1,006,611 shares in the company, valued at $4,721,005.59. This trade represents a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 190,831 shares of company stock valued at $846,298 in the last ninety days. Company insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On MannKind

A number of large investors have recently bought and sold shares of the stock. Rhumbline Advisers increased its stake in MannKind by 4.4% in the 1st quarter. Rhumbline Advisers now owns 399,033 shares of the biopharmaceutical company's stock worth $2,007,000 after purchasing an additional 16,807 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in MannKind by 8.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company's stock worth $3,374,000 after purchasing an additional 53,202 shares during the period. Millennium Management LLC increased its stake in shares of MannKind by 68.9% during the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock valued at $29,288,000 after buying an additional 2,375,198 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of MannKind by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock valued at $1,059,000 after buying an additional 6,079 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of MannKind by 5.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,029,319 shares of the biopharmaceutical company's stock valued at $10,207,000 after buying an additional 110,945 shares during the period. 49.55% of the stock is 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.