MannKind (NASDAQ:MNKD) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

MannKind Corporation (NASDAQ:MNKD) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.47 and traded as high as $5.39. MannKind shares last traded at $5.35, with a volume of 5,300,550 shares changing hands.

Analyst Upgrades and Downgrades

MNKD has been the topic of a number of recent research reports. Leerink Partners initiated coverage on shares of MannKind in a report on Friday, October 10th. They issued an “outperform” rating and a $9.00 price objective on the stock. Royal Bank Of Canada lifted their price objective on shares of MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, August 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.86.

MannKind Price Performance

The stock’s 50-day moving average price is $4.93 and its 200-day moving average price is $4.47. The company has a market cap of $1.64 billion, a P/E ratio of 48.64 and a beta of 1.08.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.MannKind’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. As a group, analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Stuart A. Tross sold 47,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total value of $250,980.00. Following the sale, the insider directly owned 1,032,013 shares in the company, valued at $5,510,949.42. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.70% of the stock is owned by insiders.

Institutional Trading of MannKind

Hedge funds have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. raised its stake in MannKind by 4.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company’s stock valued at $306,000 after acquiring an additional 2,420 shares during the period. E Fund Management Co. Ltd. grew its holdings in shares of MannKind by 11.9% during the first quarter. E Fund Management Co. Ltd. now owns 24,667 shares of the biopharmaceutical company’s stock worth $124,000 after purchasing an additional 2,628 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of MannKind by 9.7% during the second quarter. Ameritas Investment Partners Inc. now owns 30,913 shares of the biopharmaceutical company’s stock worth $116,000 after purchasing an additional 2,739 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of MannKind by 4.7% during the second quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company’s stock worth $291,000 after purchasing an additional 3,506 shares in the last quarter. Finally, Palumbo Wealth Management LLC boosted its stake in MannKind by 4.0% in the second quarter. Palumbo Wealth Management LLC now owns 101,438 shares of the biopharmaceutical company’s stock worth $379,000 after buying an additional 3,921 shares in the last quarter. Institutional investors and hedge funds 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.