MannKind (NASDAQ:MNKD) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded MannKind from a “hold” to a “strong sell,” even as the broader analyst view remains a Moderate Buy with a consensus price target of $8.97.
• The stock was trading up 0.7% at $4.25, giving MannKind a market cap of about $1.31 billion; it has traded between $2.23 and $6.51 over the past year.
• MannKind recently reported Q1 results below expectations, posting a loss of $0.05 per share on revenue of $90.17 million, while analysts currently expect the company to post -0.06 EPS for the full year.

MannKind (NASDAQ:MNKD - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently weighed in on MNKD. Wells Fargo & Company set a $11.00 price objective on shares of MannKind and gave the stock an "overweight" rating in a research note on Monday, June 1st. HC Wainwright lifted their price objective on MannKind from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Royal Bank Of Canada increased their target price on shares of MannKind from $3.50 to $4.75 and gave the company a "sector perform" rating in a research report on Thursday, May 7th. Mizuho lowered their price target on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a report on Thursday, May 7th. Finally, Wall Street Zen raised shares of MannKind from a "sell" rating to a "hold" rating in a research note on Sunday. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $8.97.

MannKind Trading Up 0.7%

NASDAQ:MNKD opened at $4.25 on Tuesday. The stock has a market cap of $1.31 billion, a P/E ratio of -60.71 and a beta of 1.09. The stock's 50-day moving average is $3.61 and its 200-day moving average is $4.03. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.03). MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The business had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. During the same quarter last year, the business earned $0.04 EPS. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, equities analysts forecast that MannKind will post -0.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Steven B. Binder sold 16,940 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the sale, the director owned 808,008 shares of the company's stock, valued at $2,658,346.32. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Prodigy Asset Management LLC bought a new stake in MannKind in the second quarter valued at $85,000. Bank of America Corp DE boosted its position in shares of MannKind by 43.2% during the 1st quarter. Bank of America Corp DE now owns 3,383,677 shares of the biopharmaceutical company's stock worth $8,290,000 after purchasing an additional 1,021,456 shares in the last quarter. Amundi acquired a new stake in shares of MannKind in the 1st quarter valued at about $128,000. California State Teachers Retirement System grew its stake in shares of MannKind by 48.5% in the 1st quarter. California State Teachers Retirement System now owns 379,712 shares of the biopharmaceutical company's stock valued at $930,000 after buying an additional 124,097 shares during the period. Finally, Royal Bank of Canada increased its position in MannKind by 4.8% in the 1st quarter. Royal Bank of Canada now owns 216,563 shares of the biopharmaceutical company's stock valued at $531,000 after buying an additional 9,951 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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).

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