MannKind (NASDAQ:MNKD) Cut to "Hold" at StockNews.com

StockNews.com cut shares of MannKind (NASDAQ:MNKD - Free Report) from a buy rating to a hold rating in a research note issued to investors on Saturday.

MNKD has been the subject of several other reports. Leerink Partners began coverage on MannKind in a report on Monday, September 9th. They set an "outperform" rating and a $8.00 price objective for the company. Oppenheimer increased their price objective on MannKind from $10.00 to $12.00 and gave the stock an "outperform" rating in a report on Wednesday, August 28th. Finally, Leerink Partnrs upgraded shares of MannKind to a "strong-buy" rating in a research note on Monday, September 9th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $8.67.

MannKind Stock Performance

Shares of NASDAQ MNKD traded up $0.07 during trading on Friday, reaching $6.80. The stock had a trading volume of 1,899,315 shares, compared to its average volume of 3,073,982. The firm's 50 day moving average price is $6.75 and its two-hundred day moving average price is $5.90. MannKind has a one year low of $3.17 and a one year high of $7.63. The stock has a market cap of $1.88 billion, a PE ratio of 97.14 and a beta of 1.28.

Insider Activity at MannKind

In other MannKind news, insider Stuart A. Tross sold 55,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the sale, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven B. Binder sold 67,536 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the sale, the director now owns 1,075,026 shares of the company's stock, valued at approximately $7,406,929.14. The trade was a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 in the last 90 days. 3.00% of the stock is owned by company insiders.

Institutional Trading of MannKind

A number of institutional investors and hedge funds have recently modified their holdings of MNKD. State Street Corp boosted its stake in MannKind by 0.4% during the third quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company's stock worth $60,366,000 after buying an additional 40,338 shares in the last quarter. Geode Capital Management LLC raised its position in MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company's stock worth $39,880,000 after purchasing an additional 24,031 shares in the last quarter. Millennium Management LLC lifted its stake in MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company's stock worth $24,766,000 after purchasing an additional 3,107,598 shares during the period. Parkman Healthcare Partners LLC grew its stake in shares of MannKind by 37.1% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company's stock valued at $20,783,000 after purchasing an additional 894,486 shares during the period. Finally, Two Sigma Advisers LP grew its stake in shares of MannKind by 60.7% in the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company's stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the period. 49.55% of the stock is currently owned by institutional investors.

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.