MannKind (NASDAQ:MNKD) Hits New 12-Month Low – Here’s Why

Shares of MannKind Corporation (NASDAQ:MNKD) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.52 and last traded at $2.68, with a volume of 6614041 shares trading hands. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wells Fargo & Company lowered their target price on MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Leerink Partners initiated coverage on MannKind in a research report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price target for the company. Zacks Research cut MannKind from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Weiss Ratings downgraded MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Finally, Wedbush cut their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MannKind presently has a consensus rating of “Moderate Buy” and an average target price of $9.06.

MannKind Stock Performance

The company has a market capitalization of $825.71 million, a price-to-earnings ratio of 134.07 and a beta of 0.84. The business’s 50 day moving average is $5.19 and its 200 day moving average is $5.33.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The company had revenue of $111.96 million for the quarter, compared to analyst estimates of $99.85 million. During the same quarter in the previous year, the company posted $0.03 EPS. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. Sell-side analysts predict that MannKind Corporation will post 0.1 EPS for the current year.

Insider Buying and Selling at MannKind

In other MannKind news, CEO Michael Castagna sold 65,804 shares of MannKind stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the sale, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at approximately $15,053,799.92. The trade was a 2.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stuart A. Tross sold 47,006 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $6.33, for a total value of $297,547.98. Following the sale, the insider owned 985,007 shares in the company, valued at approximately $6,235,094.31. The trade was a 4.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 154,926 shares of company stock worth $945,726. 3.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in MannKind by 51.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,047,869 shares of the biopharmaceutical company’s stock valued at $10,997,000 after acquiring an additional 695,852 shares during the period. Calamos Advisors LLC purchased a new stake in shares of MannKind in the 3rd quarter valued at $1,240,000. Los Angeles Capital Management LLC increased its stake in shares of MannKind by 68.3% in the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock worth $1,636,000 after acquiring an additional 177,440 shares during the period. Geode Capital Management LLC raised its holdings in shares of MannKind by 12.3% during the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after purchasing an additional 831,478 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in shares of MannKind by 11.2% during the third quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company’s stock worth $15,424,000 after purchasing an additional 290,276 shares during the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Company Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.