MannKind (NASDAQ:MNKD) Shares Down 5.1% - What's Next?

Key Points

• MannKind shares fell 5.1% to about $3.25 in mid-day trading, with volume down 71% from the average session. The stock’s market capitalization is approximately $1.04 billion.
• Analyst sentiment remains generally positive, with seven Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with a $7.84 price target, despite Truist lowering its target to $5.00.
• The company met quarterly EPS expectations at a $0.01 loss while revenue rose 43% year over year to $109.37 million. Insiders sold 111,660 shares in the latest quarter, while institutional investors own roughly 49.55% of the stock.

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s share price fell 5.1% during mid-day trading on Friday. The company traded as low as $3.24 and last traded at $3.2450. Approximately 1,501,859 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 5,254,848 shares. The stock had previously closed at $3.42.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. HC Wainwright reaffirmed a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a "sell (d)" rating on shares of MannKind in a research report on Friday, October 2nd. Truist Financial decreased their target price on MannKind from $6.00 to $5.00 and set a "buy" rating for the company in a research note on Wednesday. Cantor Fitzgerald restated an "overweight" rating and issued a $8.00 price target on shares of MannKind in a report on Friday, September 11th. Finally, Zacks Research raised shares of MannKind from a "strong sell" rating to a "hold" rating in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, MannKind has a consensus rating of "Moderate Buy" and a consensus price target of $7.84.

MannKind Stock Down 5.1%

The stock has a 50-day simple moving average of $3.83 and a two-hundred day simple moving average of $3.54. The firm has a market cap of $1.04 billion, a PE ratio of -24.96 and a beta of 1.09.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $109.37 million for the quarter, compared to analysts' expectations of $108.08 million. The business's quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.05 earnings per share. Research analysts expect that MannKind Corporation will post -0.2 earnings per share for the current year.

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction 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 owned 785,867 shares in the company, valued at $3,190,620.02. This trade represents a 4.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 111,660 shares of company stock valued at $414,881. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On MannKind

Hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC increased its position in shares of MannKind by 41.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company's stock valued at $297,000 after acquiring an additional 20,480 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of MannKind during the 2nd quarter worth approximately $197,000. Integrated Wealth Concepts LLC acquired a new stake in shares of MannKind in the second quarter valued at $78,000. Squarepoint Ops LLC acquired a new position in shares of MannKind in the second quarter valued at approximately $1,760,000. Finally, Allworth Financial LP increased its stake in 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 buying an additional 10,550 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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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