MannKind (NASDAQ:MNKD) Shares Down 5.6% - Time to Sell?

Key Points

• MannKind Corporation's stock price dropped 5.6% during trading, closing at $5.14 compared to the previous day’s close of $5.44.
• Wall Street analysts have varied opinions on MannKind, with a majority rating it as a Moderate Buy, while target prices range from $10.00 to $15.00.
• The company reported a quarterly revenue of $76.53 million, showing a 5.7% increase year-over-year, and exceeded analysts' EPS estimates by $0.01.

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s stock price fell 5.6% during trading on Thursday . The stock traded as low as $5.19 and last traded at $5.14. 1,038,556 shares were traded during mid-day trading, a decline of 64% from the average session volume of 2,856,285 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MNKD. Wells Fargo & Company upped their target price on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. HC Wainwright restated a "buy" rating and issued a $11.00 price objective on shares of MannKind in a research note on Thursday, September 18th. Zacks Research upgraded MannKind from a "strong sell" rating to a "hold" rating in a research note on Monday. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Oppenheimer upped their price objective on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.17.

MannKind Price Performance

The stock has a market cap of $1.58 billion, a P/E ratio of 46.73 and a beta of 1.08. The firm's fifty day moving average price is $4.79 and its two-hundred day moving average price is $4.47.

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

Insider Activity at MannKind

In other MannKind news, insider Stuart A. Tross sold 47,000 shares of the company's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the completion of the sale, the insider directly owned 1,032,013 shares in the company, valued at $5,510,949.42. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the sale, 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 disclosure for this sale can be found here. Company insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. grew its position in shares of MannKind by 60.6% in the 2nd quarter. Osaic Holdings Inc. now owns 59,015 shares of the biopharmaceutical company's stock worth $221,000 after buying an additional 22,278 shares during the last quarter. Squarepoint Ops LLC grew its position in MannKind by 12.3% during the 2nd quarter. Squarepoint Ops LLC now owns 1,465,824 shares of the biopharmaceutical company's stock valued at $5,482,000 after purchasing an additional 161,122 shares during the last quarter. Marex Group plc bought a new stake in MannKind during the 2nd quarter valued at about $95,000. Tower Research Capital LLC TRC raised its holdings in MannKind by 1,738.2% in the second quarter. Tower Research Capital LLC TRC now owns 27,224 shares of the biopharmaceutical company's stock worth $102,000 after buying an additional 25,743 shares during the last quarter. Finally, Scopia Capital Management LP bought a new position in shares of MannKind in the second quarter worth approximately $2,599,000. 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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