MannKind (NASDAQ:MNKD) Hits New 52-Week Low – What’s Next?

MannKind Co. (NASDAQ:MNKD)’s share price hit a new 52-week low on Tuesday . The company traded as low as $4.34 and last traded at $4.36, with a volume of 1721935 shares. The stock had previously closed at $4.47.

Wall Street Analysts Forecast Growth

MNKD has been the subject of a number of recent analyst reports. StockNews.com raised MannKind from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. Mizuho assumed coverage on MannKind in a research note on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price target on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, MannKind has an average rating of “Buy” and a consensus target price of $10.00.

MannKind Stock Down 2.5%

The company has a 50 day simple moving average of $4.83 and a 200 day simple moving average of $5.72. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 62.29 and a beta of 1.14.

MannKind (NASDAQ:MNKD) last posted its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $78.35 million during the quarter, compared to the consensus estimate of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The company’s revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. On average, research analysts forecast that MannKind Co. will post 0.1 EPS for the current fiscal year.

Insider Activity

In related news, EVP David Thomson sold 32,179 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the sale, the executive vice president now directly owns 772,427 shares in the company, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven B. Binder sold 80,144 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of the transaction, the director now directly owns 1,006,611 shares in the company, valued at $4,721,005.59. This trade represents a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the stock. E Fund Management Co. Ltd. raised its stake in shares of MannKind by 9.0% during the fourth quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company’s stock valued at $142,000 after purchasing an additional 1,828 shares during the period. Xponance Inc. grew its holdings in MannKind by 10.6% during the 4th quarter. Xponance Inc. now owns 19,067 shares of the biopharmaceutical company’s stock valued at $123,000 after purchasing an additional 1,828 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in MannKind by 4.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company’s stock valued at $306,000 after purchasing an additional 2,420 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in MannKind by 10.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 28,174 shares of the biopharmaceutical company’s stock worth $181,000 after buying an additional 2,657 shares during the period. Finally, AXQ Capital LP lifted its holdings in MannKind by 19.8% in the 4th quarter. AXQ Capital LP now owns 22,530 shares of the biopharmaceutical company’s stock worth $145,000 after buying an additional 3,717 shares in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

About MannKind

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.