MannKind (NASDAQ:MNKD) Stock Price Down 3.9%

MannKind Co. (NASDAQ:MNKD)’s stock price traded down 3.9% during trading on Wednesday . The stock traded as low as $4.71 and last traded at $4.72. 680,285 shares changed hands during trading, a decline of 78% from the average session volume of 3,125,661 shares. The stock had previously closed at $4.91.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $10.00 price objective on shares of MannKind in a report on Wednesday, February 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $6.50 price target on shares of MannKind in a research report on Friday, March 15th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.50 price objective on shares of MannKind in a report on Thursday, January 4th.

MannKind Stock Performance

The stock’s fifty day moving average is $4.01 and its 200-day moving average is $3.90.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Tuesday, February 27th. The biopharmaceutical company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. The firm had revenue of $58.47 million during the quarter, compared to analyst estimates of $52.36 million. Equities analysts forecast that MannKind Co. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On MannKind

Institutional investors have recently modified their holdings of the business. Qube Research & Technologies Ltd raised its holdings in MannKind by 41.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 559,769 shares of the biopharmaceutical company’s stock worth $2,312,000 after buying an additional 165,039 shares during the period. GSA Capital Partners LLP bought a new stake in MannKind in the 3rd quarter valued at $673,000. Invesco Ltd. boosted its stake in MannKind by 1.6% in the 3rd quarter. Invesco Ltd. now owns 1,621,765 shares of the biopharmaceutical company’s stock worth $6,698,000 after purchasing an additional 25,319 shares during the period. Jump Financial LLC increased its holdings in MannKind by 730.2% during the 3rd quarter. Jump Financial LLC now owns 138,810 shares of the biopharmaceutical company’s stock worth $573,000 after purchasing an additional 122,090 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of MannKind by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,036,411 shares of the biopharmaceutical company’s stock valued at $8,410,000 after purchasing an additional 81,742 shares during the period. Institutional investors own 49.55% of the company’s stock.

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.