MannKind (NASDAQ:MNKD) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday,Zacks.com reports.

MNKD has been the subject of several other reports. Truist Financial set a $9.00 price objective on MannKind in a research note on Monday, November 24th. Weiss Ratings lowered shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Wall Street Zen downgraded shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Royal Bank Of Canada restated a “sector perform” rating and issued a $3.50 price target (down from $7.50) on shares of MannKind in a research report on Friday, February 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of MannKind in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.06.

MannKind Stock Down 1.8%

Shares of MNKD opened at $2.77 on Wednesday. The company has a 50-day moving average price of $4.96 and a two-hundred day moving average price of $5.28. The stock has a market cap of $853.44 million, a price-to-earnings ratio of 138.57 and a beta of 0.83. MannKind has a 12 month low of $2.52 and a 12 month high of $6.51.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The company had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities research analysts expect that MannKind will post 0.1 EPS for the current fiscal year.

Insider Transactions at MannKind

In related news, insider Stuart A. Tross sold 47,006 shares of MannKind stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total value of $297,547.98. Following the completion of the transaction, the insider directly owned 985,007 shares of the company’s stock, valued at $6,235,094.31. The trade was a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Castagna acquired 100,000 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were bought at an average cost of $2.59 per share, for a total transaction of $259,000.00. Following the acquisition, the chief executive officer owned 2,575,911 shares in the company, valued at approximately $6,671,609.49. The trade was a 4.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 134,120 shares of company stock valued at $820,890 over the last ninety days. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of MannKind

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd lifted its holdings in MannKind by 108.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 2,927 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of MannKind during the fourth quarter worth $45,000. Burkett Financial Services LLC bought a new stake in shares of MannKind during the fourth quarter worth $59,000. Huntington National Bank lifted its stake in shares of MannKind by 420.0% during the fourth quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock valued at $59,000 after acquiring an additional 8,400 shares during the period. Finally, Laurel Wealth Advisors LLC bought a new position in MannKind in the fourth quarter valued at about $60,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

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.