MannKind (NASDAQ:MNKD) Stock Price Down 4.2% - Time to 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) traded down 4.2% on Monday . The company traded as low as $5.37 and last traded at $5.34. 804,191 shares traded hands during 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

A number of equities analysts have weighed in on the company. Royal Bank Of Canada boosted their price objective on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. HC Wainwright boosted their price objective on MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company upped their price target on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Oppenheimer upped their price target on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat.com, MannKind currently has an average rating of "Buy" and a consensus price target of $11.17.

MannKind Trading Down 3.4%

The stock has a market cap of $1.65 billion, a PE ratio of 48.91 and a beta of 1.02. The company has a fifty day moving average of $4.19 and a 200-day moving average of $4.42.

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

Insider Activity

In related 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 sale, the director owned 830,508 shares in the company, valued at approximately $3,272,201.52. The trade was a 8.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.70% of the company's stock.

Institutional Investors Weigh In On MannKind

Several large investors have recently bought and sold shares of MNKD. Nuveen LLC purchased a new stake in MannKind during the 1st quarter worth about $17,011,000. Millennium Management LLC increased its holdings in 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. Vanguard Group Inc. increased its holdings in MannKind by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock worth $87,131,000 after purchasing an additional 1,263,622 shares during the period. Geode Capital Management LLC increased its holdings in MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company's stock worth $28,494,000 after purchasing an additional 831,478 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in MannKind by 25.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company's stock worth $15,206,000 after purchasing an additional 825,608 shares during the period. 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.

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