Steven Binder Sells 16,940 Shares of MannKind (NASDAQ:MNKD) Stock

MannKind Corporation (NASDAQ:MNKD) Director Steven Binder sold 16,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the sale, the director owned 808,008 shares of the company’s stock, valued at $2,658,346.32. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MannKind Price Performance

NASDAQ MNKD opened at $3.22 on Friday. The business has a fifty day moving average price of $2.74 and a two-hundred day moving average price of $4.51. The stock has a market capitalization of $994.82 million, a PE ratio of -45.99 and a beta of 1.04. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $90.17 million for the quarter, compared to analyst estimates of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The firm’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $0.04 earnings per share. As a group, sell-side analysts expect that MannKind Corporation will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MNKD shares. Wall Street Zen downgraded shares of MannKind from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Mizuho lowered their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Wells Fargo & Company upped their price target on shares of MannKind from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wedbush lowered their price target on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Finally, Weiss Ratings downgraded shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.84.

Institutional Trading of MannKind

A number of large investors have recently bought and sold shares of MNKD. Rubric Capital Management LP acquired a new stake in MannKind during the 3rd quarter worth about $61,297,000. Frazier Life Sciences Management L.P. acquired a new stake in MannKind during the 4th quarter worth about $23,956,000. State Street Corp boosted its position in shares of MannKind by 36.2% during the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after purchasing an additional 3,883,071 shares in the last quarter. UBS Group AG boosted its position in shares of MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after purchasing an additional 3,088,820 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of MannKind by 316.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock worth $18,622,000 after purchasing an additional 2,634,533 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).