Insider Selling: MannKind (NASDAQ:MNKD) Insider Sells 47,000 Shares of Stock

Key Points

• Insider Stuart Tross sold 47,000 shares of MannKind (NASDAQ:MNKD) at an average price of $5.34, reducing his position by 4.36% and retaining 1,032,013 shares valued at approximately $5.5 million.
• MannKind's stock traded up 0.4% to reach $5.39, with a market capitalization of $1.65 billion and a P/E ratio of 49.00.
• Analysts have raised their price targets for MannKind, with Royal Bank of Canada increasing its target from $7.00 to $8.00, while Wells Fargo raised its target from $9.00 to $10.00.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) insider Stuart A. Tross sold 47,000 shares of the company's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total value of $250,980.00. Following the completion of the sale, the insider owned 1,032,013 shares in the company, valued at $5,510,949.42. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MannKind Stock Performance

MannKind stock traded down $0.18 during trading on Friday, hitting $5.43. The company's stock had a trading volume of 4,724,588 shares, compared to its average volume of 5,918,443. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 49.37 and a beta of 1.02. The stock's fifty day moving average is $4.36 and its 200 day moving average is $4.43. MannKind Corporation has a 1-year low of $3.38 and a 1-year high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.82 million. During the same quarter last year, the firm earned $0.05 earnings per share. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, research analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Quaker Wealth Management LLC lifted its holdings in MannKind by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company's stock worth $26,000 after buying an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 6,896 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in MannKind during the 4th quarter worth approximately $37,000. Sumitomo Mitsui Trust Group Inc. bought a new position in MannKind during the 2nd quarter worth approximately $42,000. Finally, Master S Wealth Management Inc. bought a new position in MannKind during the 2nd quarter worth approximately $44,000. 49.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Oppenheimer increased their target price on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. HC Wainwright restated a "buy" rating and set a $11.00 price objective on shares of MannKind in a research note on Thursday. Finally, Royal Bank Of Canada lifted their price objective on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $11.17.

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.