Key Points
- Director Steven Binder sold 39,051 MannKind shares at an average price of $3.29, generating $128,477.79. His remaining stake fell 5.19% to 713,258 shares.
- MannKind reported quarterly revenue of $109.37 million, up 43% year over year, while posting an adjusted loss of $0.01 per share in line with analyst expectations.
- Analyst sentiment is mixed but leans positive: seven analysts rate the stock Buy, one Hold, and two Sell, producing a “Moderate Buy” consensus and an average price target of $8.34 versus a recent price of $3.35.
MannKind Corporation (NASDAQ:MNKD - Get Free Report) Director Steven Binder sold 39,051 shares of the stock in a transaction on Friday, September 25th. The shares were sold at an average price of $3.29, for a total value of $128,477.79. Following the completion of the transaction, the director owned 713,258 shares in the company, valued at $2,346,618.82. The trade was a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
MannKind Stock Performance
NASDAQ MNKD opened at $3.35 on Tuesday. The stock has a fifty day moving average of $3.88 and a 200-day moving average of $3.49. The stock has a market capitalization of $1.08 billion, a P/E ratio of -25.77 and a beta of 1.10. MannKind Corporation has a 52 week low of $2.23 and a 52 week high of $6.51.
MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.01). MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The company had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The firm's quarterly revenue was up 43.0% on a year-over-year basis. Equities research analysts forecast that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
MNKD has been the subject of several recent research reports. HC Wainwright reissued a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a research note on Wednesday, July 8th. Wells Fargo & Company cut their price objective on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Zacks Research cut shares of MannKind from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 3rd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 target price on shares of MannKind in a report on Friday, September 11th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.34.
Check Out Our Latest Stock Analysis on MannKind
Hedge Funds Weigh In On MannKind
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of MannKind by 138.9% during the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock worth $33,419,000 after buying an additional 4,561,628 shares during the period. Frazier Life Sciences Management L.P. raised its position in shares of MannKind by 11.9% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company's stock valued at $28,116,000 after acquiring an additional 700,000 shares during the period. Braidwell LP acquired a new stake in shares of MannKind in the 2nd quarter valued at approximately $14,733,000. Dimensional Fund Advisors LP boosted its stake in MannKind by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock worth $12,134,000 after acquiring an additional 509,692 shares during the last quarter. Finally, 180 Wealth Advisors LLC boosted its stake in MannKind by 45.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock worth $10,515,000 after acquiring an additional 1,332,759 shares during the last quarter. Institutional investors own 49.55% of the company's stock.
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).
Further Reading
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