MannKind (NASDAQ:MNKD) Shares Down 6% Following Insider Selling

MannKind Co. (NASDAQ:MNKD)’s stock price dropped 6% on Tuesday following insider selling activity. The company traded as low as $6.28 and last traded at $6.32. Approximately 2,196,087 shares traded hands during trading, a decline of 16% from the average daily volume of 2,625,452 shares. The stock had previously closed at $6.72.

Specifically, Director Steven B. Binder sold 67,536 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This represents a 5.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Oppenheimer raised their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Finally, Leerink Partners began coverage on shares of MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.67.

MannKind Price Performance

The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 96.00 and a beta of 1.30. The firm’s fifty day moving average is $6.71 and its 200-day moving average is $5.78.

Hedge Funds Weigh In On MannKind

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of MannKind by 22.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,816 shares in the last quarter. Meeder Asset Management Inc. bought a new position in MannKind during the second quarter valued at approximately $55,000. Brookstone Capital Management bought a new position in shares of MannKind in the second quarter worth approximately $61,000. Renaissance Technologies LLC bought a new position in shares of MannKind in the second quarter worth approximately $67,000. Finally, Quantinno Capital Management LP bought a new stake in MannKind in the third quarter valued at $85,000. 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.