MannKind (NASDAQ:MNKD) Trading Down 3.1% – What’s Next?

MannKind Co. (NASDAQ:MNKD)’s share price dropped 3.1% during mid-day trading on Tuesday . The company traded as low as $6.80 and last traded at $6.80. Approximately 895,690 shares traded hands 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

A number of research analysts have recently commented on the company. Wells Fargo & Company started coverage on MannKind in a report on Friday. They set an “overweight” rating and a $9.00 price target on the stock. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, Leerink Partners began coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MannKind presently 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 P/E ratio of 96.29 and a beta of 1.28. The stock has a fifty day moving average of $6.77 and a 200-day moving average of $6.06.

Insiders Place Their Bets

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

Institutional Investors Weigh In On MannKind

A number of hedge funds have recently added to or reduced their stakes in MNKD. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 1,816 shares during the period. Meeder Asset Management Inc. bought a new position in shares of MannKind in the second quarter valued at $55,000. Renaissance Technologies LLC bought a new position in MannKind in the 2nd quarter valued at about $67,000. Quantinno Capital Management LP purchased a new stake in shares of MannKind in the third quarter worth approximately $85,000. Finally, Foundations Investment Advisors LLC bought a new position in shares of MannKind in the third quarter valued at approximately $93,000. 49.55% of the stock is currently owned by institutional investors.

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.