MannKind (NASDAQ:MNKD) Downgraded to “Hold” Rating by StockNews.com

MannKind (NASDAQ:MNKD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Saturday.

Other equities analysts also recently issued research reports about the company. Leerink Partners began coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Oppenheimer raised their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.67.

MannKind Price Performance

MNKD opened at $6.80 on Friday. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63. The company’s 50-day moving average is $6.75 and its 200 day moving average is $5.92. The firm has a market capitalization of $1.88 billion, a P/E ratio of 97.14 and a beta of 1.28.

Insider Buying and Selling at MannKind

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. State Street Corp boosted its stake in MannKind by 0.4% during the third quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after buying an additional 40,338 shares during the period. Geode Capital Management LLC raised its holdings in shares of MannKind by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after acquiring an additional 24,031 shares in the last quarter. Millennium Management LLC boosted its position in shares of MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after acquiring an additional 3,107,598 shares during the last quarter. Parkman Healthcare Partners LLC grew its holdings in shares of MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after purchasing an additional 894,486 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of MannKind by 60.7% in the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after purchasing an additional 1,000,600 shares during the last quarter. 49.55% of the stock is owned by institutional investors.

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.