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

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

Analyst Ratings Changes

A number of analysts have weighed in on the company. Mizuho began coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price for the company. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research report on Friday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $10.33.

MannKind Price Performance

The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 37.60 and a beta of 1.02. The firm has a fifty day simple moving average of $4.32 and a two-hundred day simple moving average of $5.17.

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

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 80,144 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of the transaction, the director now directly owns 1,006,611 shares in the company, valued at $4,721,005.59. This trade represents a 7.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Thomson sold 32,179 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the sale, the executive vice president now directly owns 772,427 shares in the company, valued at $3,614,958.36. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 190,831 shares of company stock valued at $846,298 in the last ninety days. Company insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On MannKind

A number of institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its holdings in MannKind by 9.5% during the fourth quarter. Principal Financial Group Inc. now owns 184,575 shares of the biopharmaceutical company's stock worth $1,187,000 after acquiring an additional 16,057 shares during the period. Bank of New York Mellon Corp grew its stake in shares of MannKind by 7.0% during the 4th quarter. Bank of New York Mellon Corp now owns 789,760 shares of the biopharmaceutical company's stock worth $5,078,000 after purchasing an additional 51,598 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of MannKind during the 4th quarter valued at approximately $86,000. Proficio Capital Partners LLC purchased a new position in shares of MannKind during the 4th quarter valued at approximately $70,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of MannKind by 3,294.8% during the 4th quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company's stock valued at $42,000 after purchasing an additional 6,392 shares in the last quarter. 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.