MannKind (NASDAQ:MNKD) Director Sells $128,477.79 in Stock

MannKind Corporation (NASDAQ:MNKD) Director Steven Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $3.29, for a total transaction of $128,477.79. Following the transaction, the director owned 713,258 shares in the company, valued at $2,346,618.82. The trade was a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

MannKind Stock Performance

Shares of MNKD opened at $3.90 on Thursday. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -30.00 and a beta of 1.10. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The firm has a 50 day moving average price of $3.86 and a 200-day moving average price of $3.50.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $109.37 million for the quarter, compared to analyst estimates of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The firm’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.05 EPS. As a group, equities research analysts predict that MannKind Corporation will post -0.2 earnings per share for the current year.

Institutional Trading of MannKind

Several large investors have recently modified their holdings of MNKD. Wellington Management Group LLP lifted its holdings in MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock worth $33,419,000 after buying an additional 4,561,628 shares during the period. Frazier Life Sciences Management L.P. lifted its stake in MannKind by 11.9% in the second quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock worth $28,116,000 after acquiring an additional 700,000 shares during the period. Dimensional Fund Advisors LP boosted its holdings in MannKind by 11.5% in the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock valued at $12,134,000 after acquiring an additional 509,692 shares in the last quarter. 180 Wealth Advisors LLC increased its position in MannKind by 45.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock valued at $10,515,000 after purchasing an additional 1,332,759 shares during the period. Finally, Braidwell LP bought a new position in MannKind in the 2nd quarter worth $14,733,000. 49.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MNKD shares. Zacks Research downgraded MannKind from a “hold” rating to a “strong sell” rating in a report on Thursday, September 3rd. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Wells Fargo & Company lowered their price objective on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 price objective on shares of MannKind in a research note on Friday, September 11th. Finally, Wall Street Zen cut shares of MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, MannKind presently has an average rating of “Moderate Buy” and an average target price of $8.34.

About MannKind

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).