Insider Selling: MannKind Co. (NASDAQ:MNKD) Director Sells 67,536 Shares of Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the sale, the director now owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

MannKind Stock Down 1.8 %

Shares of MNKD stock traded down $0.12 during mid-day trading on Monday, hitting $6.72. 2,341,059 shares of the stock were exchanged, compared to its average volume of 2,628,994. The company has a market cap of $1.85 billion, a PE ratio of 96.00 and a beta of 1.30. The firm has a fifty day moving average of $6.71 and a 200 day moving average of $5.78. MannKind Co. has a 52-week low of $3.17 and a 52-week high of $7.63.

Institutional Trading of MannKind

Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in MannKind by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,054 shares of the biopharmaceutical company’s stock worth $780,000 after buying an additional 9,410 shares during the last quarter. 180 Wealth Advisors LLC increased its position in shares of MannKind by 4.7% during the second quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock worth $11,411,000 after purchasing an additional 91,924 shares in the last quarter. Brookstone Capital Management purchased a new stake in shares of MannKind during the second quarter worth approximately $61,000. Hennion & Walsh Asset Management Inc. raised its stake in MannKind by 6.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 251,309 shares of the biopharmaceutical company’s stock valued at $1,312,000 after purchasing an additional 15,423 shares during the last quarter. Finally, Aaron Wealth Advisors LLC lifted its holdings in MannKind by 82.5% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 176,998 shares of the biopharmaceutical company’s stock valued at $924,000 after purchasing an additional 80,000 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of research analyst reports. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Oppenheimer boosted their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Leerink Partners initiated coverage on MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.67.

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.