Steven Binder Sells 39,051 Shares of MannKind (NASDAQ:MNKD) Stock

Key Points

• Director Steven Binder sold 39,051 MannKind shares at an average price of $4.06, generating approximately $158,547. After the sale, he retained 785,867 shares, a 4.73% reduction in ownership.
• MannKind shares traded down to $3.93, with the stock valued at approximately $1.26 billion. The stock has ranged from $2.23 to $6.51 over the past 52 weeks.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $9.22 target price, while institutional investors own 49.55% of the company.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) Director Steven Binder sold 39,051 shares of MannKind stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the sale, the director owned 785,867 shares in the company, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

MannKind Stock Performance

NASDAQ:MNKD traded down $0.18 during trading hours on Monday, hitting $3.93. The company's stock had a trading volume of 4,156,075 shares, compared to its average volume of 5,008,420. The business's 50-day moving average is $3.94 and its two-hundred day moving average is $3.75. The company has a market capitalization of $1.26 billion, a PE ratio of -30.23 and a beta of 1.12. MannKind Corporation has a 52-week low of $2.23 and a 52-week high of $6.51.

Analysts Set New Price Targets

A number of research firms recently commented on MNKD. Royal Bank Of Canada boosted their price objective on shares of MannKind from $3.50 to $4.75 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Zacks Research upgraded shares of MannKind from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 5th. 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. HC Wainwright reaffirmed a "buy" rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of MannKind in a report on Wednesday, July 8th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, MannKind has a consensus rating of "Moderate Buy" and a consensus target price of $9.22.

Hedge Funds Weigh In On MannKind

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNKD. Bank of New York Mellon Corp purchased a new stake in shares of MannKind in the second quarter valued at about $3,827,000. Summit Global Investments acquired a new position in shares of MannKind during the 2nd quarter worth approximately $59,000. Prodigy Asset Management LLC purchased a new stake in MannKind in the 2nd quarter valued at approximately $85,000. Bank of America Corp DE lifted its stake in MannKind by 43.2% in the 1st quarter. Bank of America Corp DE now owns 3,383,677 shares of the biopharmaceutical company's stock valued at $8,290,000 after buying an additional 1,021,456 shares in the last quarter. Finally, Amundi acquired a new stake in MannKind during the 1st quarter valued at $128,000. 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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