MannKind (NASDAQ:MNKD) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a report published on Saturday morning.

Other research analysts have also recently issued research reports about the stock. HC Wainwright upgraded shares of MannKind to a “buy” rating and set a $9.00 target price for the company in a research note on Wednesday, July 16th. Royal Bank Of Canada cut their target price on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Wednesday, July 23rd. Finally, Mizuho began coverage on shares of MannKind in a research note on Thursday, April 10th. They issued an “outperform” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, MannKind has an average rating of “Buy” and a consensus target price of $9.86.

MannKind Stock Up 4.5%

Shares of MNKD opened at $3.92 on Friday. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 39.20 and a beta of 1.02. MannKind has a 12 month low of $3.51 and a 12 month high of $7.63. The company has a 50-day moving average price of $3.91 and a two-hundred day moving average price of $4.68.

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

Insider Activity at MannKind

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 owned 1,006,611 shares in the company, valued at $4,721,005.59. The trade was a 7.37% decrease in their position. The transaction was disclosed in a document filed 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 owned 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 a total of 266,198 shares of company stock valued at $1,143,244 in the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

Institutional Trading of MannKind

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in MannKind by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock worth $87,131,000 after acquiring an additional 1,263,622 shares during the period. Geode Capital Management LLC grew its holdings in MannKind by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock worth $40,996,000 after acquiring an additional 35,346 shares during the period. Millennium Management LLC grew its holdings in MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after acquiring an additional 2,375,198 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in MannKind by 23.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock worth $27,450,000 after acquiring an additional 798,469 shares during the period. Finally, Nuveen LLC acquired a new stake in MannKind during the 1st quarter worth $17,011,000. 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.