MannKind Corporation (NASDAQ:MNKD) Sees Large Increase in Short Interest

MannKind Corporation (NASDAQ:MNKD) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totaling 29,464,200 shares, an increase of 29.8% from the March 15th total of 22,701,389 shares. Based on an average trading volume of 7,230,041 shares, the days-to-cover ratio is presently 4.1 days. Approximately 9.8% of the company’s stock are short sold.

MannKind Stock Up 3.3%

MNKD opened at $2.84 on Friday. The stock has a market cap of $876.99 million, a price-to-earnings ratio of 142.07 and a beta of 1.04. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51. The company’s 50-day moving average price is $3.39 and its two-hundred day moving average price is $4.80.

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

Insider Activity

In other news, CEO Michael Castagna bought 100,000 shares of MannKind stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the purchase, the chief executive officer directly owned 2,575,911 shares in the company, valued at $6,671,609.49. The trade was a 4.04% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNKD. Krilogy Financial LLC bought a new position in MannKind during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd boosted its position in MannKind by 108.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 2,927 shares during the period. International Assets Investment Management LLC bought a new position in MannKind during the fourth quarter worth about $45,000. Discipline Wealth Solutions LLC bought a new position in MannKind during the first quarter worth about $45,000. Finally, Burkett Financial Services LLC bought a new position in MannKind during the fourth quarter worth about $59,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MNKD has been the subject of several recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $11.00 target price on shares of MannKind in a research note on Wednesday, February 25th. Mizuho reduced their target price on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Monday. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a research note on Friday, February 27th. Wall Street Zen lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings downgraded shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, MannKind currently has an average rating of “Moderate Buy” and an average price target of $8.56.

MannKind Company Profile

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.