MannKind (NASDAQ:MNKD) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a strong sell rating in a research note issued to investors on Thursday,Zacks reports.

A number of other equities analysts have also weighed in on the stock. HC Wainwright restated a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Mizuho reduced their price target 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. Wall Street Zen cut shares of MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Royal Bank Of Canada increased their price objective on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $8.39.

MannKind Trading Up 2.5%

NASDAQ MNKD opened at $4.06 on Thursday. The stock’s 50 day moving average is $4.05 and its 200 day moving average is $3.54. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The stock has a market cap of $1.31 billion, a PE ratio of -31.23 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The firm’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. On average, analysts forecast that MannKind will post -0.2 EPS for the current fiscal year.

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the sale, the director directly owned 785,867 shares of the company’s stock, valued at $3,190,620.02. This trade represents a 4.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by insiders.

Institutional Trading of MannKind

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in MannKind by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock worth $101,385,000 after buying an additional 250,290 shares during the last quarter. State Street Corp boosted its stake in MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after buying an additional 3,883,071 shares during the period. Rubric Capital Management LP bought a new position in MannKind during the third quarter valued at $61,297,000. Wellington Management Group LLP increased its position in MannKind by 138.9% during the second quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock valued at $33,419,000 after acquiring an additional 4,561,628 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. raised its stake in shares of MannKind by 11.9% in the second 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. Hedge funds and other institutional investors 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. 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).