MannKind (NASDAQ:MNKD) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

Several other research analysts have also recently weighed in on MNKD. Leerink Partners initiated coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Oppenheimer upped their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Price Performance

NASDAQ:MNKD opened at $6.84 on Thursday. The business’s 50-day simple moving average is $6.71 and its 200-day simple moving average is $5.77. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63. The stock has a market capitalization of $1.89 billion, a PE ratio of 97.71 and a beta of 1.30.

Insider Buying and Selling at MannKind

In other MannKind news, EVP Steven B. Binder sold 5,055 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. This trade represents a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Castagna sold 85,106 shares of MannKind stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. This trade represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 317,700 shares of company stock worth $2,089,358. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its holdings in shares of MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in MannKind during the third quarter worth $12,252,000. TSP Capital Management Group LLC increased its holdings in shares of MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after purchasing an additional 1,583,800 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of MannKind by 60.7% in the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the period. Finally, Parkman Healthcare Partners LLC lifted its stake in shares of MannKind by 37.1% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after buying an additional 894,486 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.