MannKind Co. (NASDAQ:MNKD - Get Free Report) shares traded down 5.4% on Tuesday . The company traded as low as $5.90 and last traded at $5.93. 492,878 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 2,628,177 shares. The stock had previously closed at $6.27.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on MNKD. Leerink Partnrs raised shares of MannKind to a "strong-buy" rating in a research report on Monday, September 9th. Leerink Partners started coverage on shares of MannKind in a research report on Monday, September 9th. They issued an "outperform" rating and a $8.00 target price for the company. Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 28th. Finally, StockNews.com cut shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, December 7th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $8.67.
Read Our Latest Research Report on MannKind
MannKind Stock Performance
The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 84.71 and a beta of 1.28. The company has a fifty day simple moving average of $6.77 and a two-hundred day simple moving average of $6.00.
Insider Buying and Selling at MannKind
In related news, insider Stuart A. Tross sold 55,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now directly owns 967,191 shares of the company's stock, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven B. Binder sold 67,539 shares of the firm's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the transaction, the director now owns 1,075,026 shares of the company's stock, valued at approximately $7,267,175.76. This represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is currently owned by corporate insiders.
Institutional Trading of MannKind
Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in MannKind during the second quarter worth $55,000. Brookstone Capital Management acquired a new position in MannKind during the second quarter valued at approximately $61,000. Mirae Asset Global Investments Co. Ltd. grew its stake in MannKind by 22.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company's stock valued at $62,000 after purchasing an additional 1,816 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of MannKind during the 2nd quarter worth approximately $67,000. Finally, Quantinno Capital Management LP bought a new stake in shares of MannKind during the 3rd quarter worth approximately $85,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.
MannKind Company Profile
(
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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.
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