MannKind (NASDAQ:MNKD) Trading Down 3.6% - Should You Sell?

Key Points

• MannKind shares fell 3.6% to approximately $3.38 during mid-day trading, with volume well below the average session level. The company has a market capitalization of about $1.09 billion.
• Analyst sentiment remains mixed but leans positive: seven analysts rate the stock a Buy, one Hold, and two Sell, producing a consensus rating of “Moderate Buy” and an average price target of $8.34.
• MannKind reported quarterly revenue of $109.37 million, up 43% year over year, while meeting estimates with a loss of $0.01 per share. The company remains unprofitable, and a director recently sold 33,558 shares, while institutional investors own nearly 50% of the stock.

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s stock price traded down 3.6% during mid-day trading on Tuesday . The company traded as low as $3.28 and last traded at $3.3750. Approximately 783,383 shares were traded during trading, a decline of 85% from the average session volume of 5,173,659 shares. The stock had previously closed at $3.50.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MNKD shares. Wells Fargo & Company lowered their price objective on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 target price on shares of MannKind in a research note on Friday, September 11th. Weiss Ratings reiterated a "sell (d)" rating on shares of MannKind in a report on Wednesday, July 8th. Wall Street Zen downgraded shares of MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.34.

MannKind Trading Down 3.1%

The firm has a market cap of $1.09 billion, a PE ratio of -26.05 and a beta of 1.10. The firm has a 50 day moving average price of $3.94 and a 200-day moving average price of $3.47.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.01). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The firm had revenue of $109.37 million for the quarter, compared to analyst estimates 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. Equities analysts forecast that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Insider Activity at MannKind

In other news, Director Steven Binder sold 33,558 shares of the firm's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $3.81, for a total value of $127,855.98. Following the sale, the director directly owned 752,309 shares in the company, valued at approximately $2,866,297.29. This trade represents a 4.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On MannKind

Several large investors have recently bought and sold shares of MNKD. Wellington Management Group LLP boosted its stake in MannKind by 138.9% in the second quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock valued at $33,419,000 after acquiring an additional 4,561,628 shares in the last quarter. Frazier Life Sciences Management L.P. acquired a new stake in shares of MannKind during the fourth quarter worth about $23,956,000. Braidwell LP acquired a new stake in shares of MannKind during the second quarter worth about $14,733,000. EcoR1 Capital LLC purchased a new stake in shares of MannKind in the 4th quarter valued at about $9,412,000. Finally, 180 Wealth Advisors LLC lifted its holdings in shares of MannKind by 45.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock valued at $10,515,000 after purchasing an additional 1,332,759 shares during the last quarter. Hedge funds and other 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).

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