MannKind (NASDAQ:MNKD) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

MannKind Corporation (NASDAQ:MNKD) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.81 and traded as high as $5.92. MannKind shares last traded at $5.79, with a volume of 2,430,915 shares trading hands.

Analyst Upgrades and Downgrades

MNKD has been the subject of a number of analyst reports. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Oppenheimer upped their target price on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, September 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Leerink Partners started coverage on shares of MannKind in a research report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target on the stock. Finally, Royal Bank Of Canada dropped their price objective on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.06.

MannKind Price Performance

The company has a market cap of $1.78 billion, a PE ratio of 57.90 and a beta of 0.82. The company’s 50 day simple moving average is $5.54 and its two-hundred day simple moving average is $4.82.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.01 by $0.02. The firm had revenue of $82.13 million for the quarter, compared to analyst estimates of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.04 EPS. Sell-side analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, EVP Sanjay R. Singh sold 18,777 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $5.03, for a total transaction of $94,448.31. Following the completion of the transaction, the executive vice president directly owned 455,211 shares in the company, valued at $2,289,711.33. This trade represents a 3.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Castagna sold 107,920 shares of MannKind stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $5.57, for a total value of $601,114.40. Following the completion of the transaction, the chief executive officer directly owned 2,504,792 shares of the company’s stock, valued at approximately $13,951,691.44. This represents a 4.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 234,617 shares of company stock valued at $1,343,741. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Rubric Capital Management LP purchased a new stake in MannKind during the 3rd quarter worth approximately $61,297,000. Geode Capital Management LLC grew its stake in shares of MannKind by 12.3% in the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after acquiring an additional 831,478 shares in the last quarter. Millennium Management LLC increased its position in shares of MannKind by 68.9% during the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after acquiring an additional 2,375,198 shares during the period. UBS Group AG raised its stake in shares of MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after acquiring an additional 3,088,820 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in MannKind by 25.5% in the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock valued at $15,206,000 after purchasing an additional 825,608 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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.