MannKind (NASDAQ:MNKD) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of MannKind (NASDAQ:MNKD) from a hold rating to a sell rating in a research note released on Saturday.

MNKD has been the subject of several other research reports. HC Wainwright reiterated a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Wells Fargo & Company reduced their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Mizuho lowered their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.22.

MannKind Stock Performance

Shares of MannKind stock opened at $3.93 on Friday. MannKind has a one year low of $2.23 and a one year high of $6.51. The company has a market cap of $1.21 billion, a PE ratio of -30.23 and a beta of 1.12. The business has a 50-day simple moving average of $3.94 and a 200-day simple moving average of $3.75.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 39,051 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the sale, the director directly owned 785,867 shares of the company’s stock, valued at $3,190,620.02. This represents a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Caitong International Asset Management Co. Ltd grew its position in shares of MannKind by 108.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 2,927 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in MannKind during the 4th quarter worth $45,000. Huntington National Bank boosted its stake in MannKind by 420.0% during the 4th quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 8,400 shares during the period. Laurel Wealth Advisors LLC purchased a new position in MannKind during the 4th quarter worth $60,000. Finally, Lido Advisors LLC purchased a new position in MannKind during the 4th quarter worth $63,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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).