MannKind (NASDAQ:MNKD) Stock Price Down 6.6% on Analyst Downgrade

MannKind Corporation (NASDAQ:MNKD) traded down 6.6% during mid-day trading on Monday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The company traded as low as $3.03 and last traded at $3.0650. 1,435,401 shares changed hands during trading, a decline of 72% from the average session volume of 5,144,097 shares. The stock had previously closed at $3.28.

Other research analysts also recently issued reports about the company. Zacks Research downgraded MannKind from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of MannKind in a report on Wednesday, February 25th. Truist Financial set a $9.00 price objective on shares of MannKind in a research note on Monday, November 24th. Royal Bank Of Canada restated a “sector perform” rating and set a $3.50 price objective (down from $7.50) on shares of MannKind in a research report on Friday. Finally, Wells Fargo & Company lowered their target price on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, MannKind presently has an average rating of “Moderate Buy” and an average price target of $9.21.

Insider Buying and Selling at MannKind

In related news, CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total value of $395,482.04. Following the completion of the sale, the chief executive officer owned 2,504,792 shares in the company, valued at $15,053,799.92. This trade represents a 2.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stuart A. Tross sold 47,006 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the sale, the insider directly owned 985,007 shares in the company, valued at approximately $6,235,094.31. This represents a 4.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 154,926 shares of company stock worth $945,726 over the last 90 days. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several institutional investors have recently modified their holdings of the company. Rubric Capital Management LP purchased a new position in MannKind in the 3rd quarter valued at approximately $61,297,000. Frazier Life Sciences Management L.P. purchased a new stake in MannKind during the fourth quarter worth $23,956,000. State Street Corp raised its stake in shares of MannKind by 36.2% during the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after buying an additional 3,883,071 shares during the last quarter. UBS Group AG raised its stake in shares of MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after buying an additional 3,088,820 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of MannKind by 316.2% in the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock worth $18,622,000 after buying an additional 2,634,533 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Trading Down 7.3%

The stock has a market capitalization of $936.62 million, a price-to-earnings ratio of 152.08 and a beta of 0.84. The stock’s 50 day moving average is $5.50 and its 200 day moving average is $5.37.

MannKind (NASDAQ:MNKD) last announced its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The business had revenue of $111.96 million for the quarter, compared to analyst estimates of $99.85 million. MannKind had a negative return on equity of 11.12% and a net margin of 1.68%.The business’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. On average, sell-side analysts anticipate that MannKind Corporation will post 0.1 EPS for the current year.

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.