MannKind (NASDAQ:MNKD) Downgraded to “Hold” Rating by Zacks Research

MannKind (NASDAQ:MNKD) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other brokerages also recently commented on MNKD. Wall Street Zen raised shares of MannKind from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Truist Financial set a $9.00 target price on MannKind in a report on Monday, November 24th. Leerink Partners assumed coverage on MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target on the stock. Royal Bank Of Canada cut their price objective on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. Finally, Wells Fargo & Company lowered their target price on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.06.

MannKind Stock Performance

MNKD stock opened at $5.74 on Tuesday. The firm has a fifty day moving average price of $5.75 and a 200 day moving average price of $5.25. MannKind has a fifty-two week low of $3.38 and a fifty-two week high of $6.51. The firm has a market cap of $1.76 billion, a PE ratio of 57.40 and a beta of 0.84.

Insiders Place Their Bets

In other MannKind news, CEO Michael Castagna sold 65,804 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares of the company’s stock, valued at approximately $15,053,799.92. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sanjay R. Singh sold 18,777 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $5.03, for a total transaction of $94,448.31. Following the transaction, the executive vice president owned 455,211 shares of the company’s stock, valued at approximately $2,289,711.33. This trade represents a 3.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 281,623 shares of company stock worth $1,641,289 over the last 90 days. Company insiders own 2.70% of the company’s stock.

Institutional Trading of MannKind

Institutional investors have recently made changes to their positions in the business. Calamos Advisors LLC acquired a new stake in MannKind in the third quarter valued at approximately $1,240,000. Los Angeles Capital Management LLC raised its position in MannKind by 68.3% during the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock worth $1,636,000 after acquiring an additional 177,440 shares during the period. Geode Capital Management LLC lifted its holdings in MannKind by 12.3% during the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after purchasing an additional 831,478 shares in the last quarter. 180 Wealth Advisors LLC grew its position in shares of MannKind by 11.2% in the third quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company’s stock valued at $15,424,000 after purchasing an additional 290,276 shares during the period. Finally, TSP Capital Management Group LLC raised its position in shares of MannKind by 7.2% during the 2nd quarter. TSP Capital Management Group LLC now owns 2,982,575 shares of the biopharmaceutical company’s stock worth $11,155,000 after purchasing an additional 201,225 shares during the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.