Key Points
- Director Steven Binder sold 16,940 MannKind shares on May 12 at an average price of $3.29, for proceeds of about $55,733. The sale reduced his ownership by 2.05% and was tied to tax withholding from vesting equity awards.
- MannKind missed quarterly expectations in its latest earnings report, posting a loss of $0.05 per share versus the expected loss of $0.02, while revenue came in at $90.17 million, below forecasts but still up 15.1% year over year.
- Analyst sentiment remains mixed but constructive, with a consensus rating of “Moderate Buy” and an average price target of $8.84. Wells Fargo and HC Wainwright recently raised targets to $10, though some firms downgraded the stock to sell.
MannKind Corporation (NASDAQ:MNKD - Get Free Report) Director Steven Binder sold 16,940 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the sale, the director directly owned 808,008 shares of the company's stock, valued at $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
MannKind Stock Down 2.1%
MannKind stock opened at $3.21 on Thursday. The company has a market capitalization of $991.73 million, a PE ratio of -45.85 and a beta of 1.04. The firm has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $4.53. MannKind Corporation has a twelve month low of $2.23 and a twelve month high of $6.51.
MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The business had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 earnings per share. As a group, equities analysts expect that MannKind Corporation will post -0.04 earnings per share for the current fiscal year.
Hedge Funds Weigh In On MannKind
Hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its stake in shares of MannKind by 108.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company's stock valued at $32,000 after acquiring an additional 2,927 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of MannKind during the fourth quarter valued at about $45,000. Huntington National Bank increased its position in shares of MannKind by 420.0% during the fourth quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company's stock valued at $59,000 after buying an additional 8,400 shares during the period. Burkett Financial Services LLC purchased a new position in shares of MannKind during the fourth quarter valued at about $59,000. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of MannKind during the fourth quarter valued at about $60,000. 49.55% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
MNKD has been the subject of several recent research reports. Wall Street Zen downgraded shares of MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research note on Monday, March 2nd. Wells Fargo & Company upped their price objective on shares of MannKind from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Mizuho lowered their price objective on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research note on Thursday, May 7th. Finally, HC Wainwright upped their price objective on shares of MannKind from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, MannKind presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.84.
Check Out Our Latest Research Report on MNKD
MannKind Company Profile
(
Get Free Report)
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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).
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