MannKind (NASDAQ:MNKD) Director Steven Binder Sells 33,558 Shares of Stock

MannKind Corporation (NASDAQ:MNKD) Director Steven Binder sold 33,558 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $3.81, for a total transaction of $127,855.98. Following the sale, the director directly owned 752,309 shares in the company, valued at approximately $2,866,297.29. The trade was a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

MannKind Price Performance

NASDAQ:MNKD opened at $3.75 on Tuesday. MannKind Corporation has a 52 week low of $2.23 and a 52 week high of $6.51. The stock’s 50-day moving average price is $4.00 and its 200-day moving average price is $3.45. The stock has a market capitalization of $1.21 billion, a PE ratio of -28.85 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 EPS. Sell-side analysts expect that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of MannKind

Several hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC lifted its holdings in MannKind by 41.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock worth $297,000 after buying an additional 20,480 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of MannKind in the second quarter worth $197,000. Integrated Wealth Concepts LLC acquired a new position in shares of MannKind in the second quarter worth $78,000. Squarepoint Ops LLC purchased a new stake in shares of MannKind during the second quarter worth $1,760,000. Finally, Allworth Financial LP increased its position in shares of MannKind by 2,013.4% during the second quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 10,550 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on MNKD. HC Wainwright restated a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price target on shares of MannKind in a research report on Friday. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Zacks Research cut MannKind from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. Finally, Wells Fargo & Company decreased their price target on MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.34.

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).