MannKind (NASDAQ:MNKD) Sets New 52-Week Low - Here's What Happened

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.

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Mizuho assumed coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 price objective for the company. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a report on Saturday. Royal Bank Of Canada dropped their price objective on MannKind from $10.00 to $8.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. Finally, HC Wainwright raised MannKind to a "buy" rating and set a $9.00 target price on the stock in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $9.86.

MannKind Trading Down 12.2%

The stock's 50 day moving average price is $3.90 and its 200 day moving average price is $4.68. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 35.05 and a beta of 1.02.

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

Insider Buying and Selling

In other news, EVP David Thomson sold 32,179 shares of the stock in a transaction 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 owned 772,427 shares of the company's stock, valued at $3,614,958.36. This represents a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven B. Binder sold 75,367 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the transaction, the director directly owned 830,508 shares in the company, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 266,198 shares of company stock worth $1,143,244 over the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds have recently modified their holdings of the stock. Nuveen LLC bought a new position in shares of MannKind in the first quarter worth about $17,011,000. Millennium Management LLC lifted its stake in MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock worth $29,288,000 after acquiring an additional 2,375,198 shares during the period. Graham Capital Management L.P. purchased a new stake in MannKind in the fourth quarter worth about $10,229,000. Vanguard Group Inc. lifted its stake in MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock worth $87,131,000 after acquiring an additional 1,263,622 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in MannKind by 40.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,958,219 shares of the biopharmaceutical company's stock worth $19,022,000 after acquiring an additional 855,261 shares during the period. 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.

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