MannKind (NASDAQ:MNKD) Trading Down 6.1% - Here's What Happened

MannKind Co. (NASDAQ:MNKD - Get Free Report) fell 6.1% on Wednesday . The company traded as low as $5.37 and last traded at $5.31. 819,734 shares traded hands during trading, a decline of 56% from the average session volume of 1,842,712 shares. The stock had previously closed at $5.65.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MNKD shares. Wells Fargo & Company started coverage on MannKind in a research report on Friday, December 20th. They issued an "overweight" rating and a $9.00 price target for the company. Wedbush reissued an "outperform" rating and issued a $11.00 price target on shares of MannKind in a research report on Thursday. StockNews.com raised MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, Royal Bank of Canada upgraded MannKind from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $9.21.

MannKind Stock Up 2.1 %

The stock has a market cap of $1.47 billion, a PE ratio of 76.29 and a beta of 1.28. The business has a 50 day moving average price of $5.98 and a 200 day moving average price of $6.28.

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

Hedge Funds Weigh In On MannKind

A number of large investors have recently bought and sold shares of the business. Mackenzie Financial Corp raised its holdings in MannKind by 146.6% in the 4th quarter. Mackenzie Financial Corp now owns 80,218 shares of the biopharmaceutical company's stock worth $516,000 after purchasing an additional 47,690 shares during the period. GF Fund Management CO. LTD. acquired a new position in MannKind in the 4th quarter worth about $37,000. Focus Partners Advisor Solutions LLC acquired a new position in MannKind in the 4th quarter worth about $111,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in MannKind by 7.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 617,670 shares of the biopharmaceutical company's stock worth $3,972,000 after purchasing an additional 41,142 shares during the period. Finally, Waverly Advisors LLC acquired a new position in MannKind in the 4th quarter worth about $72,000. Institutional investors and hedge funds 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.