MannKind (NASDAQ:MNKD) Stock Rating Lowered by Zacks Research

MannKind (NASDAQ:MNKD) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently commented on the company. Truist Financial set a $9.00 price target on MannKind in a report on Monday, November 24th. HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of MannKind in a research report on Monday, January 26th. Wells Fargo & Company reduced their target price on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Leerink Partners assumed coverage on shares of MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target for the company. Finally, Royal Bank Of Canada decreased their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.06.

MannKind Stock Down 1.5%

Shares of NASDAQ MNKD opened at $5.74 on Tuesday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 57.40 and a beta of 0.84. MannKind has a 52 week low of $3.38 and a 52 week high of $6.51. The firm has a 50-day simple moving average of $5.75 and a 200-day simple moving average of $5.25.

Insider Activity at MannKind

In related news, CEO Michael Castagna sold 65,804 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total value of $395,482.04. Following the sale, the chief executive officer owned 2,504,792 shares in the company, valued at approximately $15,053,799.92. The trade was a 2.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $6.33, for a total value of $297,547.98. Following the transaction, the insider owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 281,623 shares of company stock worth $1,641,289. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

Several institutional investors have recently modified their holdings of MNKD. Deutsche Bank AG increased its holdings in MannKind by 76.7% during the 4th quarter. Deutsche Bank AG now owns 843,026 shares of the biopharmaceutical company’s stock worth $4,780,000 after purchasing an additional 365,819 shares during the period. Axiom Investors LLC DE lifted its stake in MannKind by 15.4% in the fourth quarter. Axiom Investors LLC DE now owns 1,037,704 shares of the biopharmaceutical company’s stock worth $5,884,000 after acquiring an additional 138,304 shares during the last quarter. BIT Capital GmbH acquired a new position in MannKind during the 4th quarter worth approximately $573,000. WINTON GROUP Ltd purchased a new stake in shares of MannKind in the 4th quarter valued at approximately $118,000. Finally, State of Wyoming acquired a new stake in shares of MannKind in the 4th quarter valued at $501,000. Institutional investors and hedge funds 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.