MannKind (NASDAQ:MNKD) Stock Price Down 3.6% – Here’s What Happened

MannKind Corporation (NASDAQ:MNKD) shares dropped 3.6% during trading on Tuesday . The stock traded as low as $3.28 and last traded at $3.3750. 783,383 shares changed hands during trading, a decline of 85% from the average session volume of 5,173,659 shares. The stock had previously closed at $3.50.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MNKD. Zacks Research downgraded MannKind from a “hold” rating to a “strong sell” rating in a report on Thursday, September 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. HC Wainwright reiterated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price target on shares of MannKind in a research note on Friday, September 11th. Finally, Wells Fargo & Company lowered their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $8.34.

MannKind Trading Down 3.1%

The company has a market capitalization of $1.09 billion, a PE ratio of -26.05 and a beta of 1.10. The firm has a 50 day simple moving average of $3.94 and a two-hundred day simple moving average of $3.47.

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

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the transaction, the director directly owned 785,867 shares in the company, valued at $3,190,620.02. The trade was a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank boosted its stake in shares of MannKind by 420.0% in 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 in the last quarter. Corient Private Wealth LP purchased a new stake in shares of MannKind during the 2nd quarter worth $47,000. Allworth Financial LP boosted its position in shares of MannKind by 2,013.4% during the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock worth $47,000 after purchasing an additional 10,550 shares in the last quarter. Krilogy Financial LLC purchased a new stake in shares of MannKind during the 1st quarter worth $28,000. Finally, Independent Financial Group LLC acquired a new position in shares of MannKind during the 1st quarter worth $31,000. Institutional investors and hedge funds 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).