MannKind (NASDAQ:MNKD) Shares Down 3.1% – Here’s Why

MannKind Co. (NASDAQ:MNKD)’s share price traded down 3.1% during trading on Tuesday . The company traded as low as $6.80 and last traded at $6.80. 895,690 shares traded hands during trading, a decline of 67% from the average session volume of 2,674,922 shares. The stock had previously closed at $7.02.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wells Fargo & Company began coverage on shares of MannKind in a report on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price for the company. Oppenheimer upped their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partners assumed coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $8.88.

MannKind Stock Performance

The firm’s fifty day simple moving average is $6.77 and its 200-day simple moving average is $6.08. The stock has a market cap of $1.86 billion, a P/E ratio of 96.29 and a beta of 1.28.

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 67,539 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the completion of the sale, the director now directly owns 1,075,026 shares in the company, valued at $7,267,175.76. This trade represents a 5.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now directly owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock worth $1,325,587 over the last quarter. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in shares of MannKind by 14.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock worth $4,778,000 after acquiring an additional 115,390 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in MannKind by 6.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock valued at $357,000 after purchasing an additional 3,861 shares during the last quarter. Rhumbline Advisers raised its stake in shares of MannKind by 5.2% in the second quarter. Rhumbline Advisers now owns 397,194 shares of the biopharmaceutical company’s stock worth $2,073,000 after purchasing an additional 19,675 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of MannKind in the second quarter valued at approximately $55,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of MannKind during the second quarter valued at approximately $1,524,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Company Profile

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.