MannKind (NASDAQ:MNKD) Stock Price Down 5.2% - Here's What Happened

Key Points

• MannKind Corporation shares declined by 5.2% to a last traded price of $3.90, with trading volume dropping significantly to 1,159,261 shares, down 51% from average session volume.
• Analyst ratings for MannKind have been mixed, with HC Wainwright upgrading the stock to a "buy" rating at a target price of $9.00, while Royal Bank of Canada lowered its target price from $8.00 to $7.00.
• In its latest quarterly earnings report, MannKind posted an EPS of $0.05, beating analyst estimates, but revenue came in at $76.53 million, slightly below expectations of $77.82 million.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) shares fell 5.2% on Monday . The company traded as low as $3.76 and last traded at $3.90. 1,159,261 shares changed hands during trading, a decline of 51% from the average session volume of 2,375,340 shares. The stock had previously closed at $4.11.

Analyst Ratings Changes

MNKD has been the subject of a number of analyst reports. HC Wainwright raised shares of MannKind to a "buy" rating and set a $9.00 target price for the company in a report on Wednesday, July 16th. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Royal Bank Of Canada decreased their price objective on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $9.71.

MannKind Price Performance

The company has a market capitalization of $1.21 billion, a P/E ratio of 35.87 and a beta of 1.02. The business's 50-day moving average price is $3.80 and its two-hundred day moving average price is $4.47.

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

Insider Activity

In other news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was 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 $3,272,201.52. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.70% of the stock is owned by company insiders.

Institutional Trading of MannKind

A number of large investors have recently bought and sold shares of MNKD. China Universal Asset Management Co. Ltd. lifted its stake in MannKind by 4.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company's stock valued at $306,000 after buying an additional 2,420 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in shares of MannKind by 11.9% during the first quarter. E Fund Management Co. Ltd. now owns 24,667 shares of the biopharmaceutical company's stock worth $124,000 after acquiring an additional 2,628 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of MannKind by 9.7% during the second quarter. Ameritas Investment Partners Inc. now owns 30,913 shares of the biopharmaceutical company's stock worth $116,000 after acquiring an additional 2,739 shares during the period. Teacher Retirement System of Texas lifted its position in MannKind by 4.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company's stock valued at $291,000 after acquiring an additional 3,506 shares in the last quarter. Finally, Palumbo Wealth Management LLC lifted its position in MannKind by 4.0% in the 2nd quarter. Palumbo Wealth Management LLC now owns 101,438 shares of the biopharmaceutical company's stock valued at $379,000 after acquiring an additional 3,921 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

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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