MannKind Co. (NASDAQ:MNKD) Sees Large Drop in Short Interest

MannKind Co. (NASDAQ:MNKD - Get Free Report) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 28,800,000 shares, a drop of 30.4% from the December 15th total of 41,360,000 shares. Currently, 10.8% of the shares of the company are sold short. Based on an average daily volume of 2,670,000 shares, the days-to-cover ratio is presently 10.8 days.

Insider Activity

In other news, Director Steven B. Binder sold 67,539 shares of the firm's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $6.76, for a total value of $456,563.64. Following the sale, the director now owns 1,075,026 shares in the company, valued at approximately $7,267,175.76. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction 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. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On MannKind

A number of institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in shares of MannKind by 401.8% in the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company's stock valued at $1,060,000 after purchasing an additional 134,937 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in MannKind during the 3rd quarter worth approximately $12,252,000. Barclays PLC increased its stake in MannKind by 186.0% in the third quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company's stock valued at $3,271,000 after purchasing an additional 338,121 shares in the last quarter. International Assets Investment Management LLC raised its holdings in MannKind by 511.6% in the third quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company's stock worth $558,000 after purchasing an additional 74,189 shares during the period. Finally, Parkman Healthcare Partners LLC grew its holdings 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 buying an additional 894,486 shares during the period. 49.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MNKD shares. StockNews.com lowered MannKind from a "buy" rating to a "hold" rating in a report on Saturday, December 7th. Royal Bank of Canada raised shares of MannKind from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $7.00 to $10.00 in a report on Thursday, December 19th. Finally, Wells Fargo & Company assumed coverage on shares of MannKind in a report on Friday, December 20th. They set an "overweight" rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, MannKind currently has an average rating of "Buy" and a consensus price target of $9.07.

MannKind Price Performance

Shares of MNKD stock traded up $0.04 during trading hours on Wednesday, hitting $6.07. 1,584,529 shares of the company's stock were exchanged, compared to its average volume of 1,934,937. The stock's 50-day moving average is $6.65 and its 200-day moving average is $6.23. MannKind has a 52 week low of $3.17 and a 52 week high of $7.63. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 86.71 and a beta of 1.29.

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.