MannKind (NASDAQ:MNKD) Sets New 12-Month Low on Insider Selling

MannKind Co. (NASDAQ:MNKD - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday after an insider sold shares in the company. 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.

Specifically, Director Steven B. Binder sold 64,085 shares of MannKind stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $4.00, for a total value of $256,340.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

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

MannKind Stock Down 3.1%

The stock has a market cap of $1.13 billion, a PE ratio of 53.00 and a beta of 1.02. The business's fifty day moving average is $4.48 and its 200 day moving average is $5.37.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. The firm had revenue of $78.35 million for the quarter, compared to the consensus estimate of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The firm's revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 earnings per share. As a group, analysts predict that MannKind Co. will post 0.1 EPS for the current year.

Institutional Trading of MannKind

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of MannKind by 7.9% in the first 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of MannKind by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company's stock valued at $40,996,000 after purchasing an additional 35,346 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of MannKind by 68.9% in the first 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock valued at $31,427,000 after purchasing an additional 3,587,484 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock valued at $27,450,000 after purchasing an additional 798,469 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company's stock.

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.