MannKind (NASDAQ:MNKD) Trading Down 8.1% - Time to Sell?

Key Points

• MannKind shares fell 8.1% on Monday to around $3.46, with trading volume below average. The move came despite the stock still drawing significant analyst attention.
• Analyst opinions remain mixed but generally constructive: MannKind has a Moderate Buy consensus, with seven Buy ratings, two Holds, and one Sell, and an average price target of $8.97. Recent target changes included cuts from Mizuho and upgrades from Wells Fargo and HC Wainwright.
• The company recently missed quarterly earnings and revenue estimates, reporting EPS of -$0.05 versus -$0.02 expected and revenue of $90.17 million versus $105.38 million expected. Revenue still grew 15.1% year over year, and insiders and institutions have continued to show activity in the stock.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) fell 8.1% on Monday . The company traded as low as $3.45 and last traded at $3.4640. 5,247,522 shares changed hands during trading, a decline of 9% from the average session volume of 5,764,335 shares. The stock had previously closed at $3.77.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MNKD. Mizuho cut their price objective on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research report on Thursday, May 7th. Weiss Ratings lowered shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research report on Monday, March 2nd. Wells Fargo & Company set a $11.00 target price on shares of MannKind and gave the stock an "overweight" rating in a report on Monday. Royal Bank Of Canada upped their price target on shares of MannKind from $3.50 to $4.75 and gave the company a "sector perform" rating in a research note on Thursday, May 7th. Finally, HC Wainwright increased their price target on shares of MannKind from $8.00 to $10.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, MannKind has an average rating of "Moderate Buy" and a consensus price target of $8.97.

MannKind Price Performance

The business's 50-day simple moving average is $2.87 and its two-hundred day simple moving average is $4.34. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -49.49 and a beta of 1.04.

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

Insider Transactions at MannKind

In other MannKind news, CEO Michael Castagna acquired 100,000 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the acquisition, the chief executive officer directly owned 2,575,911 shares in the company, valued at $6,671,609.49. This represents a 4.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven B. Binder sold 16,940 shares of MannKind 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 sale, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Level Four Advisory Services LLC grew its stake in MannKind by 12.5% in the 3rd quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company's stock worth $93,000 after buying an additional 1,925 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of MannKind by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company's stock worth $871,000 after acquiring an additional 2,201 shares during the last quarter. Aaron Wealth Advisors LLC increased its stake in MannKind by 1.2% in the fourth quarter. Aaron Wealth Advisors LLC now owns 200,763 shares of the biopharmaceutical company's stock valued at $1,138,000 after acquiring an additional 2,355 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in MannKind by 7.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company's stock valued at $189,000 after purchasing an additional 2,404 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in MannKind by 6.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company's stock valued at $220,000 after purchasing an additional 2,443 shares in the last quarter. 49.55% of the stock is 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. 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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