MannKind (NASDAQ:MNKD) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a sell rating in a research note released on Saturday.

Several other brokerages also recently issued reports on MNKD. Wells Fargo & Company reduced their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday. Mizuho lowered their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. HC Wainwright reiterated a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Royal Bank Of Canada increased their price target on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.22.

MannKind Stock Up 5.7%

Shares of NASDAQ:MNKD opened at $4.11 on Friday. The company has a market capitalization of $1.27 billion, a P/E 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 stock’s fifty day simple moving average is $3.93 and its 200-day simple moving average is $3.77.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The firm had revenue of $90.17 million during the quarter, compared to analyst estimates of $105.38 million. During the same period in the previous year, the firm posted $0.04 EPS. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that MannKind will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Steven B. Binder sold 16,940 shares of the company’s 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 completion of the transaction, the director owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Franklin Resources Inc. increased its stake in MannKind by 1.4% during the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock worth $871,000 after acquiring an additional 2,201 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of MannKind by 7.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company’s stock valued at $189,000 after purchasing an additional 2,404 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of MannKind by 6.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company’s stock worth $220,000 after purchasing an additional 2,443 shares during the period. Mariner LLC increased its position in MannKind by 1.3% during the 4th quarter. Mariner LLC now owns 209,479 shares of the biopharmaceutical company’s stock worth $1,188,000 after purchasing an additional 2,777 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased 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 purchasing an additional 2,927 shares in the last quarter. 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).