MannKind (NASDAQ:MNKD) Trading Down 4.2% - Should You Sell?

Key Points

• MannKind Corporation's stock price has decreased by 4.2%, trading at $5.34, with a significant decline in trading volume of 71% compared to the average.
• Despite the recent drop, analysts remain optimistic, with several firms increasing their price targets; the consensus target is currently $11.17 and most ratings are "Buy".
• The company reported a quarterly earnings beat with $0.05 earnings per share, though revenues were slightly below estimates; year-over-year revenue increased by 5.7%.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) shares traded down 4.2% during mid-day trading on Monday . The company traded as low as $5.37 and last traded at $5.34. 804,191 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 2,742,193 shares. The stock had previously closed at $5.57.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Oppenheimer upped their target price on shares of MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. HC Wainwright restated a "buy" rating and set a $11.00 price objective on shares of MannKind in a research report on Thursday. Wall Street Zen cut shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Royal Bank Of Canada raised their target price on shares of MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $11.17.

MannKind Trading Down 3.2%

The stock's 50-day moving average is $4.36 and its 200-day moving average is $4.44. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 49.37 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, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm'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 earnings per share. On average, equities analysts predict that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, insider Stuart A. Tross sold 47,000 shares of the company's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total value of $250,980.00. Following the completion of the sale, the insider owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction dated 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 directly owned 830,508 shares of the company's stock, valued at $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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 MNKD. Vanguard Group Inc. grew its position in shares of MannKind by 7.9% during 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 raised its holdings in MannKind by 12.3% in the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company's stock valued at $28,494,000 after acquiring an additional 831,478 shares during the last quarter. Millennium Management LLC boosted its position in shares of MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock worth $29,288,000 after purchasing an additional 2,375,198 shares during the period. Qube Research & Technologies Ltd raised its holdings in shares of MannKind by 25.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company's stock valued at $15,206,000 after purchasing an additional 825,608 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in MannKind during the 1st quarter worth $17,011,000. Hedge funds and other institutional investors own 49.55% of the company's stock.

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.