Insider Selling: MannKind Co. (NASDAQ:MNKD) Director Sells 67,536 Shares of Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the sale, the director now directly owns 1,075,026 shares in the company, valued at $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

MannKind Trading Down 2.1 %

NASDAQ MNKD opened at $6.58 on Wednesday. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $7.63. The firm has a market capitalization of $1.81 billion, a PE ratio of 94.00 and a beta of 1.30. The business’s 50-day moving average price is $6.71 and its two-hundred day moving average price is $5.78.

Institutional Trading of MannKind

Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of MannKind by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,054 shares of the biopharmaceutical company’s stock worth $780,000 after purchasing an additional 9,410 shares during the period. 180 Wealth Advisors LLC boosted its position in MannKind by 4.7% during the second quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock valued at $11,411,000 after acquiring an additional 91,924 shares during the last quarter. Brookstone Capital Management acquired a new stake in MannKind during the 2nd quarter worth about $61,000. Hennion & Walsh Asset Management Inc. raised its position in shares of MannKind by 6.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 251,309 shares of the biopharmaceutical company’s stock worth $1,312,000 after acquiring an additional 15,423 shares in the last quarter. Finally, Aaron Wealth Advisors LLC lifted its stake in shares of MannKind by 82.5% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 176,998 shares of the biopharmaceutical company’s stock valued at $924,000 after purchasing an additional 80,000 shares during the period. 49.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Thursday, November 21st. Oppenheimer upped their target price on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Leerink Partners began coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Company Profile

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.