MannKind (NASDAQ:MNKD) Hits New 52-Week Low - Time to Sell?

Key Points

• MannKind's shares hit a new 52-week low at $3.50, closing at $3.61 with a trading volume of 1,666,414 shares.
• Analysts have mixed views on MannKind, with ratings ranging from hold to outperform, and an average price target of $9.86.
• Insider trading activity includes significant sales, with one executive selling over 32,000 shares, reflecting a **4% decrease** in position.

Shares of MannKind Corporation (NASDAQ:MNKD - Get Free Report) hit a new 52-week low on Wednesday . The company traded as low as $3.50 and last traded at $3.61, with a volume of 1666414 shares. The stock had previously closed at $3.99.

Analyst Upgrades and Downgrades

MNKD has been the subject of a number of research analyst reports. Royal Bank Of Canada lowered their target price on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a report on Thursday. Wall Street Zen cut MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, HC Wainwright raised MannKind to a "buy" rating and set a $9.00 price objective for the company in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $9.71.

MannKind Price Performance

The company has a fifty day moving average of $3.87 and a 200-day moving average of $4.62. The firm has a market cap of $1.08 billion, a P/E ratio of 32.00 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. MannKind's revenue was up 5.7% compared to the same quarter last year. On average, sell-side analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the transaction, the director owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David Thomson sold 32,179 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 772,427 shares in the company, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 266,198 shares of company stock valued at $1,143,244 in the last quarter. 3.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Gotham Asset Management LLC raised its stake in MannKind by 22.4% in the fourth 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 in the last quarter. Graham Capital Management L.P. bought a new position in shares of MannKind in the 4th quarter worth $10,229,000. Man Group plc lifted its holdings in shares of 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 acquiring an additional 219,891 shares during the last quarter. SG Americas Securities LLC grew its position in MannKind by 223.2% in the first quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company's stock worth $460,000 after acquiring an additional 63,209 shares in the last quarter. Finally, Barclays PLC increased its stake in MannKind by 6.2% in the fourth quarter. Barclays PLC now owns 552,143 shares of the biopharmaceutical company's stock valued at $3,550,000 after acquiring an additional 32,278 shares during the last quarter. 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.