Wall Street Zen Downgrades MannKind (NASDAQ:MNKD) to Sell

MannKind (NASDAQ:MNKD) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other research firms have also issued reports on MNKD. Mizuho reduced their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Wells Fargo & Company reduced their target price on MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Royal Bank Of Canada lifted their price target on MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research note on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MannKind has an average rating of “Moderate Buy” and an average target price of $9.22.

MannKind Price Performance

MNKD stock opened at $4.11 on Friday. The company has a market cap of $1.32 billion, a PE ratio of -31.62 and a beta of 1.12. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The business has a 50-day simple moving average of $3.93 and a 200 day simple moving average of $3.76.

Insider Activity

In related news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the sale, the director directly owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Hedge funds have recently added to or reduced their stakes in the stock. Krilogy Financial LLC acquired a new position in shares of MannKind during the first quarter worth $28,000. Independent Financial Group LLC acquired a new stake in shares of MannKind during the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd grew its position in 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 worth $32,000 after acquiring an additional 2,927 shares during the last quarter. Waverly Advisors LLC bought a new stake in MannKind during the 1st quarter worth $43,000. Finally, International Assets Investment Management LLC acquired a new position in MannKind in the 4th quarter worth about $45,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).