MannKind (NASDAQ:MNKD) Hits New 12-Month Low – Here’s Why

MannKind Corporation (NASDAQ:MNKD)’s stock price hit a new 52-week low during trading on Tuesday . The company traded as low as $2.52 and last traded at $2.68, with a volume of 6614041 shares changing hands. The stock had previously closed at $2.61.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wedbush dropped their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Wells Fargo & Company lowered their price target on MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Truist Financial set a $9.00 price objective on shares of MannKind in a research note on Monday, November 24th. Zacks Research cut shares of MannKind from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of MannKind in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.06.

MannKind Trading Up 2.7%

The company has a market capitalization of $825.71 million, a PE ratio of 134.07 and a beta of 0.84. The firm’s 50-day simple moving average is $5.19 and its 200-day simple moving average is $5.33.

MannKind (NASDAQ:MNKD) last issued its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). MannKind had a negative return on equity of 11.21% and a net margin of 1.68%.The company had revenue of $111.96 million for the quarter, compared to analysts’ expectations of $99.85 million. During the same period last year, the business posted $0.03 earnings per share. The business’s revenue was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that MannKind Corporation will post 0.1 EPS for the current year.

Insiders Place Their Bets

In other MannKind news, CEO Michael Castagna sold 65,804 shares of MannKind stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares of the company’s stock, valued at $15,053,799.92. The trade was a 2.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stuart A. Tross sold 47,006 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total value of $297,547.98. Following the completion of the sale, the insider owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This represents a 4.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 154,926 shares of company stock valued at $945,726. 3.00% of the stock is currently owned by corporate insiders.

Institutional Trading of MannKind

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in MannKind by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock worth $101,385,000 after acquiring an additional 250,290 shares in the last quarter. State Street Corp raised its holdings in shares of MannKind by 36.2% in the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock valued at $82,914,000 after purchasing an additional 3,883,071 shares in the last quarter. Rubric Capital Management LP purchased a new stake in shares of MannKind in the 3rd quarter worth approximately $61,297,000. Geode Capital Management LLC lifted its position in shares of MannKind by 12.3% in the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after purchasing an additional 831,478 shares during the period. Finally, UBS Group AG boosted its stake in shares of MannKind by 146.7% during the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.