MannKind (NASDAQ:MNKD) Stock Rating Lowered by Wall Street Zen

MannKind (NASDAQ:MNKD) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other analysts have also issued reports on MNKD. Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price target for the company. Wedbush reiterated an “outperform” rating and issued a $11.00 price target on shares of MannKind in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $10.33.

MannKind Price Performance

Shares of NASDAQ:MNKD opened at $3.76 on Friday. The firm has a market capitalization of $1.14 billion, a PE ratio of 37.60 and a beta of 1.02. The business has a 50 day simple moving average of $4.32 and a two-hundred day simple moving average of $5.16. MannKind has a 1 year low of $3.63 and a 1 year high of $7.63.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $78.35 million during the quarter, compared to analyst estimates of $75.86 million. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. MannKind’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 earnings per share. Equities research analysts expect that MannKind will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Steven B. Binder sold 80,144 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of the transaction, the director now owns 1,006,611 shares of the company’s stock, valued at $4,721,005.59. The trade was a 7.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David Thomson sold 32,179 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the transaction, the executive vice president now directly owns 772,427 shares of the company’s stock, valued at $3,614,958.36. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 190,831 shares of company stock valued at $846,298 over the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new position in shares of MannKind during the fourth quarter worth $37,000. Jones Financial Companies Lllp increased its position in shares of MannKind by 3,294.8% during the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock worth $42,000 after purchasing an additional 6,392 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in shares of MannKind during the fourth quarter worth $65,000. Blueshift Asset Management LLC acquired a new position in shares of MannKind during the first quarter worth $51,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of MannKind during the fourth quarter worth $70,000. 49.55% of the stock is owned by institutional investors and hedge funds.

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.