MannKind (NASDAQ:MNKD) Shares Down 4.7% - What's Next?

Key Points

• MannKind shares fell 4.7% to $3.7650 in low-volume trading, below the stock’s 50-day moving average but above its 200-day average.
• Analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $8.34, despite recent downgrades from Zacks Research and Wall Street Zen.
• MannKind’s latest quarterly revenue rose 43% year over year to $109.37 million, while EPS came in at a loss of $0.01, matching estimates; insiders have sold more than 111,000 shares over the past 90 days.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) shares were down 4.7% on Friday. The company traded as low as $3.81 and last traded at $3.7650. 223,188 shares changed hands during trading, a decline of 96% from the average session volume of 5,276,068 shares. The stock had previously closed at $3.95.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MNKD shares. Cantor Fitzgerald restated an "overweight" rating and issued a $8.00 price objective on shares of MannKind in a research note on Friday, September 11th. Zacks Research lowered MannKind from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 3rd. HC Wainwright restated a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Wall Street Zen lowered MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Wells Fargo & Company decreased their price target on MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $8.34.

MannKind Price Performance

The business has a 50 day simple moving average of $3.86 and a 200 day simple moving average of $3.51. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -28.81 and a beta of 1.09.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.01). The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. During the same period in the prior year, the firm earned $0.05 earnings per share. The business's quarterly revenue was up 43.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In other news, Director Steven Binder sold 39,051 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the transaction, the director directly owned 785,867 shares in the company, valued at approximately $3,190,620.02. This represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 111,660 shares of company stock valued at $414,881 over the last ninety days. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Waverly Advisors LLC boosted its position in MannKind by 43.0% during the second quarter. Waverly Advisors LLC now owns 24,948 shares of the biopharmaceutical company's stock valued at $106,000 after purchasing an additional 7,498 shares during the last quarter. Chicago Partners Investment Group LLC increased its position in shares of MannKind by 22.1% during the 1st quarter. Chicago Partners Investment Group LLC now owns 42,691 shares of the biopharmaceutical company's stock worth $105,000 after purchasing an additional 7,741 shares during the last quarter. Royal Bank of Canada increased its position in shares of MannKind by 4.8% during the 1st quarter. Royal Bank of Canada now owns 216,563 shares of the biopharmaceutical company's stock worth $531,000 after purchasing an additional 9,951 shares during the last quarter. Allworth Financial LP raised its stake in shares of MannKind by 2,013.4% during the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company's stock worth $47,000 after purchasing an additional 10,550 shares in the last quarter. Finally, Corient Private Wealth LP bought a new stake in shares of MannKind during the 2nd quarter worth approximately $47,000. 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. 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.