MannKind (NASDAQ:MNKD) Hits New 52-Week Low – Here’s Why

MannKind Corporation (NASDAQ:MNKD)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $2.52 and last traded at $2.5150, with a volume of 1597673 shares changing hands. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MNKD. Wells Fargo & Company lowered their price objective on MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Wall Street Zen cut MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Zacks Research lowered MannKind from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. Truist Financial set a $9.00 price target on MannKind in a report on Monday, November 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $11.00 price target on shares of MannKind in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.06.

MannKind Trading Down 2.0%

The business’s fifty day moving average price is $4.64 and its 200-day moving average price is $5.21. The company has a market capitalization of $761.01 million, a P/E ratio of 123.56 and a beta of 0.83.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The firm had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. During the same period in the prior year, the company earned $0.03 EPS. The firm’s revenue was up 45.8% compared to the same quarter last year. As a group, equities research analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael Castagna bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the transaction, the chief executive officer directly owned 2,575,911 shares of the company’s stock, valued at $6,671,609.49. This represents a 4.04% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stuart A. Tross sold 47,006 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider owned 985,007 shares in the company, valued at $6,235,094.31. The trade was a 4.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

Institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its stake in MannKind by 108.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 2,927 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of MannKind in the fourth quarter worth about $45,000. Huntington National Bank lifted its stake in shares of MannKind by 420.0% in the 4th quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock valued at $59,000 after acquiring an additional 8,400 shares during the last quarter. Burkett Financial Services LLC purchased a new stake in MannKind during the 4th quarter valued at about $59,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in MannKind during the 4th quarter valued at about $60,000. Institutional investors 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.