By otakuyassine3@gmail.com 
MannKind Co. (NASDAQ:MNKD – Get Free Report) dropped 5.4% on Tuesday . The company traded as low as $5.90 and last traded at $5.93. Approximately 492,878 shares changed hands during trading, a decline of 81% from the average daily volume of 2,628,177 shares. The stock had previously closed at $6.27.
Analysts Set New Price Targets
Several analysts recently commented on the stock. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Oppenheimer raised their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partners started coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target on the stock. Finally, StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, MannKind currently has a consensus rating of “Buy” and an average price target of $8.67.
Get Our Latest Report on MannKind
MannKind Price Performance
The firm has a market cap of $1.62 billion, a P/E ratio of 83.71 and a beta of 1.28. The firm has a fifty day simple moving average of $6.77 and a 200-day simple moving average of $6.00.
Insiders Place Their Bets
In other MannKind news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. The trade was a 5.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the transaction, the insider now owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 over the last three months. 3.00% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On MannKind
Several hedge funds have recently bought and sold shares of MNKD. Millennium Management LLC raised its stake in shares of MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after buying an additional 3,107,598 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of MannKind during the 3rd quarter worth approximately $12,252,000. TSP Capital Management Group LLC increased its stake in shares of MannKind by 196.0% during the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after purchasing an additional 1,583,800 shares during the period. Two Sigma Advisers LP raised its stake in MannKind by 60.7% in the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after purchasing an additional 1,000,600 shares in the last quarter. Finally, Parkman Healthcare Partners LLC lifted its position in shares of MannKind by 37.1% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after acquiring an additional 894,486 shares during the period. 49.55% of the stock is owned by hedge funds and other institutional investors.
MannKind Company Profile
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.
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