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

MannKind Co. (NASDAQ:MNKD) shares traded down 3.1% on Tuesday . The company traded as low as $6.80 and last traded at $6.80. 895,690 shares traded hands during trading, a decline of 67% from the average session volume of 2,674,922 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MNKD shares. Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Leerink Partners began coverage on MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Finally, Wells Fargo & Company began coverage on shares of MannKind in a research note on Friday, December 20th. They issued an “overweight” rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $8.88.

MannKind Trading Down 4.0 %

The stock has a market cap of $1.86 billion, a PE ratio of 96.29 and a beta of 1.28. The business has a fifty day simple moving average of $6.77 and a two-hundred day simple moving average of $6.08.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 67,536 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the sale, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the business’s 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 $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 190,075 shares of company stock worth $1,325,587. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently bought and sold shares of MNKD. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of MannKind by 22.3% during 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 last quarter. National Bank of Canada FI raised its stake 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 valued at $136,000 after purchasing an additional 2,783 shares in the last quarter. AQR Capital Management LLC increased its stake in MannKind by 8.1% during the second quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after acquiring an additional 3,214 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of MannKind by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after purchasing an additional 3,374 shares during the period. Finally, Commonwealth Equity Services LLC lifted its stake in MannKind by 6.0% in 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 during the last quarter. 49.55% of the stock is currently 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.