MannKind (NASDAQ:MNKD) Shares Down 3.1% – Time to Sell?

MannKind Co. (NASDAQ:MNKD) shares fell 3.1% during mid-day trading on Friday . The stock traded as low as $5.96 and last traded at $5.83. 293,565 shares were traded during mid-day trading, a decline of 83% from the average session volume of 1,733,035 shares. The stock had previously closed at $6.01.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Finally, Wells Fargo & Company began coverage on shares of MannKind in a report on Friday, December 20th. They issued an “overweight” rating and a $9.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, MannKind presently has a consensus rating of “Buy” and a consensus price target of $9.07.

MannKind Stock Performance

The stock’s 50 day simple moving average is $6.60 and its 200-day simple moving average is $6.22. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 85.21 and a beta of 1.29.

Insider Activity at MannKind

In other MannKind news, Director Steven B. Binder sold 67,536 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the sale, the director now owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. This represents a 5.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the transaction, the insider now directly owns 967,191 shares of the company’s stock, 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 have sold a total of 190,075 shares of company stock valued at $1,325,587 in the last ninety days. Company insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

A number of hedge funds have recently added to or reduced their stakes in MNKD. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of MannKind by 22.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,816 shares in the last quarter. National Bank of Canada FI boosted its position in MannKind by 14.8% during the third quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock worth $136,000 after purchasing an additional 2,783 shares in the last quarter. AQR Capital Management LLC grew its holdings in MannKind by 8.1% in the second quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock valued at $223,000 after purchasing an additional 3,214 shares during the period. The Manufacturers Life Insurance Company increased its holdings in MannKind by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after acquiring an additional 3,374 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of MannKind by 6.0% during the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after purchasing an additional 3,861 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.