MannKind (NASDAQ:MNKD) Downgraded by Zacks Research to Strong Sell

MannKind (NASDAQ:MNKD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks reports.

A number of other equities analysts also recently weighed in on MNKD. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. HC Wainwright restated a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Royal Bank Of Canada boosted their price objective 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. Wells Fargo & Company dropped 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, August 6th. Finally, Mizuho decreased 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. Six 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.39.

MannKind Trading Up 2.5%

MNKD stock opened at $4.06 on Thursday. MannKind has a one year low of $2.23 and a one year high of $6.51. The firm has a 50-day moving average of $4.05 and a two-hundred day moving average of $3.54. The firm has a market capitalization of $1.31 billion, a PE ratio of -31.23 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The business had revenue of $109.37 million for the quarter, compared to the consensus estimate of $108.08 million. During the same period last year, the firm posted $0.05 earnings per share. The firm’s quarterly revenue was up 43.0% compared to the same quarter last year. On average, equities research analysts anticipate that MannKind will post -0.2 earnings per share for the current year.

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $4.06, for a total transaction of $158,547.06. Following the completion of the sale, the director directly owned 785,867 shares in the company, valued at $3,190,620.02. The trade was a 4.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its stake in MannKind by 1.4% in the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock valued at $871,000 after acquiring an additional 2,201 shares during the last quarter. Mariner LLC increased its stake in shares of 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 during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of 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 valued at $32,000 after purchasing an additional 2,927 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of MannKind by 2.1% during the 4th quarter. Royal Bank of Canada now owns 206,612 shares of the biopharmaceutical company’s stock valued at $1,170,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of MannKind by 1.7% in the 3rd quarter. Alliancebernstein L.P. now owns 279,091 shares of the biopharmaceutical company’s stock valued at $1,499,000 after purchasing an additional 4,541 shares during the last quarter. Institutional investors own 49.55% of the company’s stock.

About MannKind

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).