Steven Binder Sells 39,051 Shares of MannKind (NASDAQ:MNKD) Stock

MannKind Corporation (NASDAQ:MNKD) Director Steven Binder sold 39,051 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the transaction, the director directly owned 785,867 shares in the company, valued at approximately $3,190,620.02. This represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

MannKind Stock Performance

MNKD opened at $3.84 on Wednesday. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The company has a market capitalization of $1.23 billion, a P/E ratio of -29.54 and a beta of 1.12. The stock has a fifty day moving average of $3.95 and a 200-day moving average of $3.74.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MNKD. Vanguard Group Inc. grew its position in MannKind by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock worth $101,385,000 after acquiring an additional 250,290 shares during the last quarter. State Street Corp increased its holdings in MannKind by 36.2% in the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after purchasing an additional 3,883,071 shares in the last quarter. Rubric Capital Management LP bought a new position in MannKind in the third quarter valued at about $61,297,000. UBS Group AG raised its position in MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of MannKind by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock valued at $12,134,000 after purchasing an additional 509,692 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on MNKD. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Wells Fargo & Company dropped their price target on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Royal Bank Of Canada upped their price objective on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of MannKind from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Mizuho decreased their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.22.

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. 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).