MannKind (NASDAQ:MNKD) Sets New 1-Year Low – Here’s What Happened

MannKind Corporation (NASDAQ:MNKD)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $2.83 and last traded at $2.92, with a volume of 5143296 shares traded. The stock had previously closed at $3.04.

Analyst Ratings Changes

MNKD has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Weiss Ratings cut shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday. Leerink Partners began coverage on shares of MannKind in a report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 target price on the stock. Zacks Research cut shares of MannKind from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Wall Street Zen lowered MannKind from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.21.

MannKind Stock Performance

The company’s 50 day simple moving average is $5.44 and its 200 day simple moving average is $5.36. The stock has a market cap of $899.65 million, a PE ratio of 146.07 and a beta of 0.83.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The business had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. MannKind had a net margin of 1.68% and a negative return on equity of 11.12%. The business’s revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 earnings per share. Equities research analysts expect that MannKind Corporation will post 0.1 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were 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 in the company, valued at approximately $15,053,799.92. This trade represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 47,006 shares of MannKind stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the completion of the sale, the insider directly owned 985,007 shares in the company, valued at approximately $6,235,094.31. This represents a 4.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 154,926 shares of company stock worth $945,726 over the last quarter. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MNKD. Mercer Global Advisors Inc. ADV bought a new stake in shares of MannKind in the 4th quarter worth approximately $70,000. Voloridge Investment Management LLC increased its position in MannKind by 50.8% in the fourth quarter. Voloridge Investment Management LLC now owns 1,861,046 shares of the biopharmaceutical company’s stock worth $10,552,000 after buying an additional 626,878 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in MannKind in the fourth quarter worth $182,000. Polymer Capital Management US LLC bought a new stake in shares of MannKind in the fourth quarter valued at $168,000. Finally, Man Group plc lifted its position in shares of MannKind by 80.9% during the 4th quarter. Man Group plc now owns 178,494 shares of the biopharmaceutical company’s stock valued at $1,012,000 after buying an additional 79,843 shares during the last quarter. 49.55% of the stock is owned by institutional investors.

About MannKind

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.