MannKind (NASDAQ:MNKD) Shares Down 3.1% – Here’s What Happened

MannKind Co. (NASDAQ:MNKD)’s share price was down 3.1% during trading on Tuesday . The stock traded as low as $6.80 and last traded at $6.80. Approximately 895,690 shares were traded during trading, a decline of 67% from the average daily volume of 2,674,922 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Leerink Partners initiated coverage on MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective on the stock. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Oppenheimer boosted their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Finally, Wells Fargo & Company assumed coverage on shares of MannKind in a research note on Friday. They issued an “overweight” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $8.88.

MannKind Stock Down 4.0 %

The firm has a market capitalization of $1.86 billion, a PE ratio of 96.29 and a beta of 1.28. The business has a 50-day moving average price of $6.77 and a 200-day moving average price of $6.06.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 67,539 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $6.76, for a total transaction of $456,563.64. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 190,075 shares of company stock valued at $1,325,587 in the last ninety days. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in MannKind by 401.8% during the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after purchasing an additional 134,937 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of MannKind in the 3rd quarter valued at approximately $12,252,000. International Assets Investment Management LLC boosted its stake in shares of MannKind by 511.6% during the 3rd quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock valued at $558,000 after buying an additional 74,189 shares during the last quarter. Parkman Healthcare Partners LLC raised its holdings in MannKind by 37.1% in the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after acquiring an additional 894,486 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in MannKind during the 3rd quarter valued at $546,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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.