MannKind (NASDAQ:MNKD) Stock Price Down 5.6% - What's Next?

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s share price traded down 5.6% during trading on Wednesday . The stock traded as low as $3.79 and last traded at $3.77. 380,688 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,377,685 shares. The stock had previously closed at $3.99.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MNKD. Wedbush reiterated an "outperform" rating and set a $11.00 target price on shares of MannKind in a research report on Thursday, February 27th. Mizuho started coverage on shares of MannKind in a research report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 price objective for the company. Finally, Wall Street Zen upgraded shares of MannKind from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $10.33.

MannKind Trading Down 5.9%

The firm's 50-day moving average is $4.37 and its two-hundred day moving average is $5.22. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 37.55 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. MannKind had a net margin of 10.12% and a negative return on equity of 32.41%. The firm had revenue of $78.35 million for the quarter, compared to the consensus estimate of $75.86 million. During the same period last year, the firm posted $0.05 earnings per share. The company's revenue for the quarter was up 18.1% on a year-over-year basis. On average, analysts predict that MannKind Corporation will post 0.1 earnings per share for the current year.

Insider Activity

In related news, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the transaction, the executive vice president now owns 772,427 shares in the company, valued at approximately $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven B. Binder sold 80,144 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total transaction of $375,875.36. Following the completion of the transaction, the director now owns 1,006,611 shares of the company's stock, valued at approximately $4,721,005.59. This trade represents a 7.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 190,831 shares of company stock valued at $846,298. Company insiders own 3.00% of the company's stock.

Institutional Trading of MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers raised its position in shares of MannKind by 4.4% during the 1st quarter. Rhumbline Advisers now owns 399,033 shares of the biopharmaceutical company's stock worth $2,007,000 after acquiring an additional 16,807 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in MannKind by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company's stock worth $3,374,000 after acquiring an additional 53,202 shares in the last quarter. Millennium Management LLC increased its position in shares of MannKind by 68.9% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in MannKind by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock worth $1,059,000 after buying an additional 6,079 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in MannKind by 5.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,029,319 shares of the biopharmaceutical company's stock worth $10,207,000 after buying an additional 110,945 shares during the period. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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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