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 were down 5.2% on Monday . The company traded as low as $3.76 and last traded at $3.90. Approximately 1,159,261 shares were traded during trading, a decline of 51% from the average daily volume of 2,375,340 shares. The stock had previously closed at $4.11.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MNKD shares. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price target on shares of MannKind in a research note on Monday. Royal Bank Of Canada raised their price target on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $9.50.

MannKind Trading Up 2.2%

The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 41.73 and a beta of 1.02. The stock has a fifty day moving average price of $3.85 and a 200 day moving average price of $4.44.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company's revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. On average, sell-side analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Insider Activity at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 830,508 shares in the company, valued at approximately $3,272,201.52. This trade represents a 8.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP bought a new position in MannKind in the 4th quarter valued at $4,998,000. Dimensional Fund Advisors LP raised its position in MannKind by 40.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,958,219 shares of the biopharmaceutical company's stock valued at $19,022,000 after purchasing an additional 855,261 shares during the last quarter. MetLife Investment Management LLC raised its position in MannKind by 3.3% in the 4th quarter. MetLife Investment Management LLC now owns 158,481 shares of the biopharmaceutical company's stock valued at $1,019,000 after purchasing an additional 5,110 shares during the last quarter. Tower Research Capital LLC TRC raised its position in MannKind by 441.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 30,693 shares of the biopharmaceutical company's stock valued at $197,000 after purchasing an additional 25,025 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in MannKind by 49.7% in the 4th quarter. Hsbc Holdings PLC now owns 31,327 shares of the biopharmaceutical company's stock valued at $203,000 after purchasing an additional 10,407 shares during the last quarter. 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.