MannKind (NASDAQ:MNKD) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a research report report published on Thursday morning.

A number of other research firms have also recently commented on MNKD. Oppenheimer boosted 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 initiated coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective on the stock. Finally, Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.67.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $6.90 on Thursday. The business’s 50-day simple moving average is $6.69 and its 200 day simple moving average is $5.73. The company has a market cap of $1.90 billion, a P/E ratio of 98.61 and a beta of 1.30. MannKind has a one year low of $3.17 and a one year high of $7.63.

Insider Transactions at MannKind

In other MannKind news, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total transaction of $30,026.70. Following the sale, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. This represents a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Castagna sold 85,106 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 317,700 shares of company stock valued at $2,089,358. Insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new stake in MannKind in the second quarter worth $55,000. Brookstone Capital Management acquired a new stake in shares of MannKind in the 2nd quarter worth about $61,000. Mirae Asset Global Investments Co. Ltd. lifted its position in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,816 shares during the last quarter. Renaissance Technologies LLC acquired a new position in MannKind during the 2nd quarter valued at about $67,000. Finally, Quantinno Capital Management LP bought a new position in MannKind in the 3rd quarter worth about $85,000. 49.55% of the stock is owned by institutional investors and hedge funds.

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.