MannKind (NASDAQ:MNKD) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

MannKind Corporation (NASDAQ:MNKD) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.25 and traded as high as $5.87. MannKind shares last traded at $5.74, with a volume of 1,726,542 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MNKD shares. Zacks Research upgraded shares of MannKind from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Royal Bank Of Canada reduced their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a research note on Tuesday, November 11th. Truist Financial set a $9.00 target price on MannKind in a research report on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a report on Thursday, January 22nd. Finally, Wells Fargo & Company dropped their price target on MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, MannKind has a consensus rating of “Buy” and a consensus target price of $10.06.

MannKind Stock Performance

The stock has a market capitalization of $1.76 billion, a PE ratio of 57.40 and a beta of 0.84. The firm has a 50 day moving average of $5.75 and a 200-day moving average of $5.25.

Insider Buying and Selling at MannKind

In related news, insider Stuart A. Tross sold 47,006 shares of MannKind 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 completion of the sale, the insider owned 985,007 shares of the company’s stock, valued at approximately $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sanjay R. Singh sold 18,777 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $5.03, for a total value of $94,448.31. Following the completion of the transaction, the executive vice president directly owned 455,211 shares in the company, valued at approximately $2,289,711.33. The trade was a 3.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 281,623 shares of company stock valued at $1,641,289 in the last quarter. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several large investors have recently made changes to their positions in MNKD. Rubric Capital Management LP bought a new position in MannKind during the third quarter valued at approximately $61,297,000. UBS Group AG increased its stake in shares of MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after purchasing an additional 3,088,820 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of MannKind by 316.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of MannKind by 12.3% in the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after purchasing an additional 831,478 shares during 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 worth $15,206,000 after purchasing an additional 825,608 shares in the last quarter. Institutional investors own 49.55% of the company’s stock.

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.