MannKind (NASDAQ:MNKD) Shares Break Above Fifty Day Moving Average – Time to Sell?

MannKind Corporation (NASDAQ:MNKD)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $3.57 and traded as high as $3.66. MannKind shares last traded at $3.65, with a volume of 3,174,864 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 price target on shares of MannKind in a report on Tuesday, October 20th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research report on Friday, October 2nd. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. Wall Street Zen cut shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.08.

MannKind Stock Performance

The firm’s 50 day moving average is $3.57 and its 200-day moving average is $3.75. The company has a market cap of $1.17 billion, a PE ratio of -28.08 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. MannKind’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 EPS. On average, analysts predict that MannKind Corporation will post -0.21 EPS for the current year.

Insider Activity at MannKind

In related news, Director Steven Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $3.29, for a total value of $128,477.79. Following the completion of the transaction, the director directly owned 713,258 shares in the company, valued at approximately $2,346,618.82. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 111,660 shares of company stock worth $414,881. 2.60% of the stock is currently owned by insiders.

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Independent Financial Group LLC acquired a new position in shares of MannKind in the 1st quarter worth approximately $31,000. AdvisorNet Financial Inc purchased a new position in MannKind during the 3rd quarter valued at about $39,000. Sterling Capital Management LLC increased its stake in MannKind by 864.1% during the third quarter. Sterling Capital Management LLC now owns 10,422 shares of the biopharmaceutical company’s stock worth $41,000 after purchasing an additional 9,341 shares during the period. Waverly Advisors LLC acquired a new stake in shares of MannKind during the first quarter worth about $43,000. Finally, Allworth Financial LP boosted its stake in shares of MannKind by 2,013.4% in the second quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 10,550 shares during the period. 49.55% of the stock is currently 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).