MannKind (NASDAQ:MNKD) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of MannKind (NASDAQ:MNKD) from a hold rating to a strong sell rating in a research note released on Wednesday morning,Zacks.com reports.

Other analysts have also issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 target price on shares of MannKind in a research report on Wednesday, February 25th. Truist Financial set a $9.00 price target on shares of MannKind in a research report on Monday, November 24th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $3.50 price objective (down from $7.50) on shares of MannKind in a report on Friday, February 27th. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Leerink Partners started coverage on shares of MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.06.

MannKind Stock Performance

MannKind stock opened at $2.82 on Wednesday. MannKind has a 1 year low of $2.52 and a 1 year high of $6.51. The firm has a market cap of $868.84 million, a price-to-earnings ratio of 141.07 and a beta of 0.83. The firm’s 50 day moving average price is $5.01 and its two-hundred day moving average price is $5.28.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $111.96 million during the quarter, compared to analysts’ expectations of $99.85 million. MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. As a group, equities analysts predict that MannKind will post 0.1 EPS for the current fiscal year.

Insider Transactions at MannKind

In other news, CEO Michael Castagna purchased 100,000 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were acquired at an average price of $2.59 per share, with a total value of $259,000.00. Following the completion of the transaction, the chief executive officer owned 2,575,911 shares of the company’s stock, valued at $6,671,609.49. The trade was a 4.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stuart A. Tross sold 47,006 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider directly owned 985,007 shares of the company’s stock, valued at approximately $6,235,094.31. This represents a 4.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 134,120 shares of company stock valued at $820,890 over the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Caitong International Asset Management Co. Ltd boosted its holdings in shares of MannKind by 108.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 2,927 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of MannKind in the 4th quarter valued at $45,000. Burkett Financial Services LLC acquired a new stake in MannKind during the fourth quarter valued at approximately $59,000. Huntington National Bank grew its stake in MannKind by 420.0% in the 4th quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 8,400 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in MannKind during the 4th quarter valued at $60,000. 49.55% of the stock is currently owned by 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.