MannKind (NASDAQ:MNKD) Cut to Hold at StockNews.com

StockNews.com downgraded shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a research note released on Saturday morning.

A number of other brokerages have also commented on MNKD. Oppenheimer lifted their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partners started coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Finally, Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.67.

MannKind Stock Performance

Shares of MNKD opened at $6.66 on Friday. The firm’s 50-day simple moving average is $6.75 and its 200 day simple moving average is $5.93. The firm has a market cap of $1.84 billion, a P/E ratio of 95.14 and a beta of 1.28. MannKind has a 52 week low of $3.17 and a 52 week high of $7.63.

Insider Activity

In related news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the transaction, the director now owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the sale, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock valued at $1,325,587 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MNKD. State Street Corp boosted its holdings in shares of MannKind by 0.4% in the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after buying an additional 40,338 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after buying an additional 24,031 shares during the last quarter. Millennium Management LLC grew its position in MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after buying an additional 3,107,598 shares during the period. Parkman Healthcare Partners LLC grew its holdings in MannKind by 37.1% in the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares during the period. Finally, Two Sigma Advisers LP increased its stake in shares of MannKind by 60.7% during the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after purchasing an additional 1,000,600 shares in the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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.