MannKind (NASDAQ:MNKD) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a report issued on Thursday morning.

MNKD has been the topic of a number of other research reports. Leerink Partners started coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Oppenheimer lifted their target price on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Finally, Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $8.67.

MannKind Price Performance

Shares of MNKD opened at $6.84 on Thursday. MannKind has a one year low of $3.17 and a one year high of $7.63. The stock has a 50-day moving average of $6.71 and a 200-day moving average of $5.77. The company has a market cap of $1.89 billion, a PE ratio of 97.71 and a beta of 1.30.

Insider Activity at MannKind

In related news, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. The trade was a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven B. Binder sold 5,055 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the transaction, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. This trade represents a 0.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 317,700 shares of company stock valued at $2,089,358. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Large investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its stake in shares of MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after buying an additional 3,107,598 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in MannKind during the 3rd quarter worth approximately $12,252,000. TSP Capital Management Group LLC increased its stake in MannKind by 196.0% in the 2nd quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after purchasing an additional 1,583,800 shares during the period. Two Sigma Advisers LP lifted its position in MannKind by 60.7% in the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the last quarter. Finally, Parkman Healthcare Partners LLC boosted its stake in shares of MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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.