MannKind (NASDAQ:MNKD) Downgraded 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 published on Tuesday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Royal Bank Of Canada upped their price target on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of MannKind from a “sell” rating to a “hold” rating in a research report on Sunday. Mizuho cut their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Wells Fargo & Company set a $11.00 target price on MannKind and gave the company an “overweight” rating in a report on Monday, June 1st. Finally, HC Wainwright raised their target price on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.97.

MannKind Stock Up 0.7%

Shares of NASDAQ MNKD opened at $4.25 on Tuesday. The stock’s fifty day simple moving average is $3.61 and its 200 day simple moving average is $4.03. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -60.71 and a beta of 1.09. MannKind has a 52-week low of $2.23 and a 52-week high of $6.51.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $90.17 million for the quarter, compared to analysts’ expectations of $105.38 million. MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.04 earnings per share. As a group, analysts anticipate that MannKind will post -0.06 earnings per share for the current year.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the sale, the director owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. This trade represents a 2.05% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of hedge funds and other institutional investors have recently made changes to their positions in MNKD. Krilogy Financial LLC bought a new stake in shares of MannKind in the 1st quarter valued at approximately $28,000. Independent Financial Group LLC bought a new position in MannKind during the first quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd lifted its stake in MannKind by 108.0% in the fourth 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. Waverly Advisors LLC bought a new stake in MannKind in the first quarter worth approximately $43,000. Finally, International Assets Investment Management LLC bought a new stake in MannKind in the fourth quarter worth approximately $45,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Company Profile

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).