MannKind (NASDAQ:MNKD) Stock Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• MannKind shares crossed above their 200-day moving average, reaching $4.03 before last trading at $3.98 on volume of roughly 2.23 million shares.
• Analyst sentiment remains generally positive, with seven Buy ratings and a consensus “Moderate Buy” rating; the average price target is $9.22, despite some recent target cuts and one Sell rating.
• The company reported quarterly revenue of $109.37 million, up 43% year over year, while matching estimates with a $0.01 per-share loss. Institutional investors own nearly half of MannKind’s stock, although a director recently sold shares.

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.56 and traded as high as $4.03. MannKind shares last traded at $3.98, with a volume of 2,234,752 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Mizuho reduced their price objective on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research note on Thursday, May 7th. Zacks Research raised shares of MannKind from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 5th. Wells Fargo & Company cut their target price on MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Wall Street Zen cut MannKind from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, HC Wainwright reiterated a "buy" rating on shares of MannKind in a research note on Thursday, July 23rd. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $9.22.

MannKind Stock Down 0.7%

The stock's 50-day moving average price is $4.05 and its 200 day moving average price is $3.56. The company has a market cap of $1.28 billion, a P/E ratio of -30.62 and a beta of 1.10.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. MannKind's quarterly revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 EPS. Analysts expect that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 39,051 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the completion of the sale, the director directly owned 785,867 shares in the company, valued at $3,190,620.02. This represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the business. Rubric Capital Management LP bought a new stake in MannKind during the 3rd quarter valued at approximately $61,297,000. Wellington Management Group LLP increased its position in MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock worth $33,419,000 after buying an additional 4,561,628 shares during the period. Frazier Life Sciences Management L.P. bought a new position in MannKind in the 4th quarter worth approximately $23,956,000. State Street Corp increased its position in MannKind by 36.2% in the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company's stock worth $82,914,000 after buying an additional 3,883,071 shares during the period. Finally, Braidwell LP acquired a new position in shares of MannKind during the second quarter worth approximately $14,733,000. Institutional investors and hedge funds 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).

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