MannKind (NASDAQ:MNKD) Sets New 52-Week Low – Here’s What Happened

MannKind Corporation (NASDAQ:MNKD) reached a new 52-week low during trading on Wednesday . The company traded as low as $2.25 and last traded at $2.29, with a volume of 14194887 shares traded. The stock had previously closed at $2.44.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of MannKind in a research note on Wednesday, February 25th. Wells Fargo & Company dropped their price target on MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. Zacks Research downgraded MannKind from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 11th. Wall Street Zen lowered MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.06.

MannKind Price Performance

The firm has a market capitalization of $705.55 million, a PE ratio of 114.56 and a beta of 0.83. The company has a fifty day moving average of $4.51 and a 200-day moving average of $5.16.

MannKind (NASDAQ:MNKD) last issued its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The firm had revenue of $111.96 million during the quarter, compared to analysts’ expectations of $99.85 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. Equities analysts anticipate that MannKind Corporation will post 0.1 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael Castagna acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the completion of the acquisition, the chief executive officer owned 2,575,911 shares of the company’s stock, valued at approximately $6,671,609.49. This represents a 4.04% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider directly owned 985,007 shares in the company, valued at approximately $6,235,094.31. The trade was a 4.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Level Four Advisory Services LLC boosted its holdings in MannKind by 12.5% in the third quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock worth $93,000 after purchasing an additional 1,925 shares in the last quarter. Franklin Resources Inc. increased its position in MannKind by 1.4% during the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock worth $871,000 after buying an additional 2,201 shares during the last quarter. Aaron Wealth Advisors LLC raised its holdings in MannKind by 1.2% during the fourth quarter. Aaron Wealth Advisors LLC now owns 200,763 shares of the biopharmaceutical company’s stock valued at $1,138,000 after buying an additional 2,355 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of MannKind by 7.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company’s stock worth $189,000 after buying an additional 2,404 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of MannKind by 6.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 2,443 shares during the last quarter. Institutional investors own 49.55% of the company’s stock.

About MannKind

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.