MannKind (NASDAQ:MNKD) Shares Down 3.1% - Should You Sell?

MannKind Co. (NASDAQ:MNKD - Get Free Report) shares dropped 3.1% on Friday . The company traded as low as $5.96 and last traded at $5.83. Approximately 293,565 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,733,035 shares. The stock had previously closed at $6.01.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of analyst reports. StockNews.com cut MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, December 7th. Wells Fargo & Company initiated coverage on MannKind in a research note on Friday, December 20th. They issued an "overweight" rating and a $9.00 price target on the stock. Finally, Royal Bank of Canada raised MannKind from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, MannKind presently has an average rating of "Buy" and an average price target of $9.07.

MannKind Stock Performance

The company has a 50 day simple moving average of $6.57 and a two-hundred day simple moving average of $6.24. The company has a market cap of $1.66 billion, a PE ratio of 85.86 and a beta of 1.29.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 67,536 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stuart A. Tross sold 55,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 967,191 shares of the company's stock, valued at approximately $7,099,181.94. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock valued at $1,325,587 in the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Several large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company's stock worth $62,000 after purchasing an additional 1,816 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in MannKind in the 2nd quarter worth approximately $67,000. Quantinno Capital Management LP acquired a new stake in MannKind in the 3rd quarter worth approximately $85,000. Foundations Investment Advisors LLC acquired a new stake in MannKind in the 3rd quarter worth approximately $93,000. Finally, nVerses Capital LLC acquired a new stake in MannKind in the 3rd quarter worth approximately $114,000. Institutional investors own 49.55% of the company's stock.

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.