MannKind (NASDAQ:MNKD) Stock Price Down 6% Following Insider Selling

MannKind Co. (NASDAQ:MNKD)’s stock price dropped 6% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $6.28 and last traded at $6.32. Approximately 2,196,087 shares changed hands during trading, a decline of 16% from the average daily volume of 2,625,452 shares. The stock had previously closed at $6.72.

Specifically, Director Steven B. Binder sold 67,536 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. The trade was a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Oppenheimer boosted their price target on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, StockNews.com lowered MannKind from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $8.67.

MannKind Trading Up 0.5 %

The firm has a fifty day moving average of $6.71 and a 200 day moving average of $5.80. The company has a market capitalization of $1.82 billion, a P/E ratio of 93.86 and a beta of 1.30.

Institutional Trading of MannKind

Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. bought a new stake in MannKind in the 2nd quarter worth approximately $55,000. Brookstone Capital Management bought a new stake in shares of MannKind in the second quarter worth $61,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of MannKind by 22.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,816 shares during the period. Renaissance Technologies LLC bought a new stake in shares of MannKind in the second quarter worth $67,000. Finally, Quantinno Capital Management LP bought a new stake in shares of MannKind during the 3rd quarter valued at about $85,000. 49.55% of the stock is currently owned by institutional investors.

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.