MannKind (NASDAQ:MNKD) Trading Down 6.1% – Time to Sell?

MannKind Co. (NASDAQ:MNKD)’s share price was down 6.1% on Wednesday . The stock traded as low as $5.37 and last traded at $5.31. Approximately 819,734 shares changed hands during trading, a decline of 56% from the average daily volume of 1,842,712 shares. The stock had previously closed at $5.65.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MNKD shares. Wedbush began coverage on shares of MannKind in a research note on Monday, February 10th. They set an “outperform” rating and a $11.00 price objective for the company. StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Wells Fargo & Company initiated coverage on MannKind in a research report on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price on the stock. Finally, Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $7.00 to $10.00 in a report on Thursday, December 19th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $9.21.

MannKind Price Performance

The firm has a 50-day moving average price of $6.05 and a two-hundred day moving average price of $6.29. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 77.36 and a beta of 1.28.

Institutional Trading of MannKind

Institutional investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new stake in shares of MannKind during the fourth quarter worth $37,000. Jones Financial Companies Lllp increased its holdings in MannKind by 3,294.8% in the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock worth $42,000 after purchasing an additional 6,392 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 1,816 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in shares of MannKind during the fourth quarter worth about $65,000. Finally, Beirne Wealth Consulting Services LLC purchased a new position in shares of MannKind during the fourth quarter valued at approximately $66,000. Institutional investors own 49.55% of the company’s stock.

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.