MannKind Co. (NASDAQ:MNKD) Director Sells $456,563.64 in Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 67,539 shares of MannKind stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the completion of the sale, the director now directly owns 1,075,026 shares in the company, valued at $7,267,175.76. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

MannKind Price Performance

MannKind stock opened at $6.90 on Friday. MannKind Co. has a 1-year low of $3.17 and a 1-year high of $7.63. The company’s 50-day moving average is $6.69 and its 200 day moving average is $5.73. The firm has a market capitalization of $1.90 billion, a P/E ratio of 98.61 and a beta of 1.30.

Analysts Set New Price Targets

Several equities analysts have weighed in on MNKD shares. Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Leerink Partners assumed coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Finally, StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a report on Thursday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.67.

Institutional Investors Weigh In On MannKind

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its stake in MannKind by 0.4% in the third quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after purchasing an additional 40,338 shares during the period. Geode Capital Management LLC grew its holdings in shares of MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after purchasing an additional 24,031 shares during the last quarter. Millennium Management LLC increased its stake in MannKind by 189.8% in the 2nd 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 period. Parkman Healthcare Partners LLC lifted its holdings in 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 buying an additional 894,486 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position 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 valued at $16,658,000 after buying an additional 1,000,600 shares during the period. 49.55% of the stock is owned by 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.