MannKind (NASDAQ:MNKD) Shares Down 6.4% – Here’s What Happened

MannKind Corporation (NASDAQ:MNKD)’s share price traded down 6.4% during mid-day trading on Friday . The company traded as low as $5.20 and last traded at $5.2250. 3,973,738 shares were traded during trading, an increase of 7% from the average session volume of 3,696,619 shares. The stock had previously closed at $5.58.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wells Fargo & Company decreased their price target on MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Royal Bank Of Canada decreased their target price on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, November 11th. Wall Street Zen raised shares of MannKind from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Leerink Partners started coverage on shares of MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating on shares of MannKind in a research report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $10.06.

MannKind Stock Down 6.6%

The firm has a market capitalization of $1.60 billion, a PE ratio of 52.10 and a beta of 0.81. The business’s 50-day moving average price is $5.59 and its 200-day moving average price is $4.99.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The firm had revenue of $82.13 million for the quarter, compared to analyst estimates of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 EPS. On average, analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other MannKind news, insider Stuart A. Tross sold 47,006 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total value of $297,547.98. Following the transaction, the insider directly owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This represents a 4.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction dated 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 directly owned 2,504,792 shares of the company’s stock, valued at $15,053,799.92. This trade represents a 2.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 281,623 shares of company stock worth $1,641,289. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Level Four Advisory Services LLC boosted its holdings in MannKind by 12.5% during the third quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock valued at $93,000 after acquiring an additional 1,925 shares during the period. Franklin Resources Inc. boosted its stake in MannKind by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock valued at $871,000 after purchasing an additional 2,201 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in MannKind by 6.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company’s stock valued at $220,000 after purchasing an additional 2,443 shares during the period. Ameritas Investment Partners Inc. grew its holdings in MannKind by 9.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 30,913 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 2,739 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its position in MannKind by 4.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company’s stock worth $291,000 after buying an additional 3,506 shares during the period. Institutional investors 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.