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 report report published on Thursday morning.

Other equities analysts have also recently issued research reports about the stock. Leerink Partners initiated coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 target price on the stock. Oppenheimer increased their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Finally, Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, MannKind has an average rating of “Buy” and a consensus price target of $8.67.

MannKind Price Performance

MNKD stock opened at $6.84 on Thursday. The stock has a market capitalization of $1.89 billion, a P/E ratio of 97.71 and a beta of 1.30. MannKind has a 1-year low of $3.17 and a 1-year high of $7.63. The business has a fifty day moving average price of $6.71 and a 200-day moving average price of $5.76.

Insider Activity

In other MannKind news, EVP Steven B. Binder sold 5,055 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares of the company’s stock, valued at approximately $6,385,654.44. The trade was a 0.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the completion of the transaction, the insider now directly owns 1,047,191 shares in the company, valued at $6,628,719.03. This trade represents a 7.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 317,700 shares of company stock valued at $2,089,358 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in shares of MannKind during the 2nd quarter valued at $55,000. Brookstone Capital Management purchased a new position in shares of MannKind in the second quarter valued at about $61,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of MannKind by 22.3% in the third 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 during the period. Renaissance Technologies LLC purchased a new stake in shares of MannKind during the second quarter worth about $67,000. Finally, Quantinno Capital Management LP bought a new stake in MannKind during the 3rd quarter valued at approximately $85,000. 49.55% of the stock is currently owned by 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.