MannKind (NASDAQ:MNKD) Director Steven Binder Sells 16,940 Shares

MannKind Corporation (NASDAQ:MNKD) Director Steven Binder sold 16,940 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the transaction, the director directly owned 808,008 shares of the company’s stock, valued at $2,658,346.32. The trade was a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MannKind Price Performance

Shares of NASDAQ:MNKD traded down $0.07 during mid-day trading on Wednesday, reaching $3.21. 4,509,763 shares of the company were exchanged, compared to its average volume of 6,492,920. The firm has a market cap of $991.73 million, a price-to-earnings ratio of -45.85 and a beta of 1.04. The firm’s 50-day simple moving average is $2.74 and its 200 day simple moving average is $4.53. MannKind Corporation has a 1 year low of $2.23 and a 1 year high of $6.51.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The company had revenue of $90.17 million for the quarter, compared to analysts’ expectations of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. On average, research analysts forecast that MannKind Corporation will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Weiss Ratings cut shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Wall Street Zen cut shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday. Royal Bank Of Canada raised their price target on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Finally, Wedbush decreased their price target on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.84.

Institutional Investors Weigh In On MannKind

Several institutional investors have recently modified their holdings of MNKD. AQR Capital Management LLC lifted its position in shares of MannKind by 19.8% during the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 9,160 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MannKind by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock worth $1,059,000 after purchasing an additional 6,079 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of MannKind by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock worth $3,374,000 after purchasing an additional 53,202 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of MannKind by 42.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company’s stock worth $5,057,000 after purchasing an additional 404,842 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in shares of MannKind by 84.8% during the 2nd quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company’s stock worth $140,000 after purchasing an additional 17,150 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

About MannKind

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).