MannKind (NASDAQ:MNKD) Trading 5.7% Higher – Time to Buy?

MannKind Co. (NASDAQ:MNKD)’s stock price was up 5.7% during mid-day trading on Thursday . The company traded as high as $6.30 and last traded at $6.28. Approximately 1,142,572 shares changed hands during trading, a decline of 57% from the average daily volume of 2,651,537 shares. The stock had previously closed at $5.94.

Analyst Ratings Changes

Several equities analysts have commented on MNKD shares. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Oppenheimer upped their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Wells Fargo & Company initiated coverage on MannKind in a research note on Friday. They issued an “overweight” rating and a $9.00 price objective for the company. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $7.00 to $10.00 in a research note on Thursday. Finally, Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MannKind has a consensus rating of “Buy” and a consensus price target of $8.88.

MannKind Price Performance

The business’s 50 day simple moving average is $6.76 and its 200 day simple moving average is $6.02. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 97.86 and a beta of 1.28.

Insider Buying and Selling at MannKind

In related news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven B. Binder sold 67,539 shares of MannKind stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the sale, the director now owns 1,075,026 shares of the company’s stock, valued at approximately $7,267,175.76. This trade represents a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in MannKind in the second quarter valued at approximately $55,000. Mirae Asset Global Investments Co. Ltd. boosted its position in 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 purchasing an additional 1,816 shares during the period. Renaissance Technologies LLC acquired a new stake in MannKind in the 2nd quarter valued at $67,000. Quantinno Capital Management LP purchased a new position in MannKind in the third quarter valued at about $85,000. Finally, Foundations Investment Advisors LLC acquired a new position in shares of MannKind during the third quarter worth about $93,000. 49.55% of the stock is 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.