Stuart Tross Sells 47,006 Shares of MannKind (NASDAQ:MNKD) Stock

MannKind Corporation (NASDAQ:MNKD) insider Stuart Tross sold 47,006 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total value of $297,547.98. Following the sale, the insider owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

MannKind Trading Down 2.7%

Shares of MNKD opened at $5.85 on Friday. The firm has a market cap of $1.80 billion, a PE ratio of 58.50 and a beta of 0.81. MannKind Corporation has a 12 month low of $3.38 and a 12 month high of $6.51. The stock has a fifty day moving average price of $5.59 and a 200-day moving average price of $4.95.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The company had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. During the same period last year, the business earned $0.04 EPS. MannKind’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, research analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quaker Wealth Management LLC increased its stake in shares of MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,000 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in MannKind by 1,379.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 6,896 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in MannKind in the 2nd quarter valued at about $42,000. Master S Wealth Management Inc. acquired a new stake in MannKind in the 2nd quarter worth about $44,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in MannKind during the 2nd quarter worth approximately $51,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Leerink Partners assumed coverage on MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. HC Wainwright reissued a “buy” rating on shares of MannKind in a report on Thursday. Finally, Truist Financial set a $9.00 price objective on shares of MannKind in a report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, MannKind currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.06.

MannKind Company Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.