MannKind (NASDAQ:MNKD) Shares Gap Down - Here's What Happened

MannKind Co. (NASDAQ:MNKD - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $4.69, but opened at $4.58. MannKind shares last traded at $4.77, with a volume of 104,293 shares trading hands.

Wall Street Analyst Weigh In

MNKD has been the topic of a number of recent research reports. Wedbush reiterated an "outperform" rating and set a $11.00 price target on shares of MannKind in a research note on Thursday, February 27th. Mizuho started coverage on MannKind in a research report on Thursday. They issued an "outperform" rating and a $12.00 price objective for the company. StockNews.com upgraded MannKind from a "hold" rating to a "buy" rating in a report on Wednesday, March 19th. Wells Fargo & Company began coverage on MannKind in a report on Friday, December 20th. They issued an "overweight" rating and a $9.00 price target for the company. Finally, Royal Bank of Canada raised shares of MannKind from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, MannKind currently has an average rating of "Buy" and a consensus target price of $9.56.

MannKind Stock Up 0.4 %

The company has a market capitalization of $1.42 billion, a P/E ratio of 66.57 and a beta of 1.22. The firm has a fifty day simple moving average of $5.20 and a 200-day simple moving average of $6.07.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. The business had revenue of $76.78 million for the quarter, compared to analysts' expectations of $74.99 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. On average, sell-side analysts predict that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Institutional Trading of MannKind

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. bought a new position in MannKind in the fourth quarter valued at $37,000. Jones Financial Companies Lllp increased its position in shares of MannKind by 3,294.8% in the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company's stock valued at $42,000 after acquiring an additional 6,392 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in shares of MannKind in the fourth quarter valued at about $65,000. Beirne Wealth Consulting Services LLC acquired a new position in MannKind during the fourth quarter valued at approximately $66,000. Finally, Proficio Capital Partners LLC bought a new position in MannKind in the fourth quarter valued at approximately $70,000. 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.