MannKind (NASDAQ:MNKD) Downgraded to Hold Rating by StockNews.com

MannKind (NASDAQ:MNKD) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

MNKD has been the subject of several other research reports. Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. One research 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $8.67.

MannKind Price Performance

MannKind stock opened at $6.80 on Friday. MannKind has a 1-year low of $3.17 and a 1-year high of $7.63. The business has a fifty day moving average price of $6.75 and a 200-day moving average price of $5.90. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 97.14 and a beta of 1.28.

Insider Buying and Selling

In other news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. The trade was a 5.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 190,075 shares of company stock worth $1,325,587. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new stake in shares of MannKind during the 2nd quarter valued at about $55,000. Brookstone Capital Management purchased a new position in MannKind during the second quarter worth approximately $61,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in MannKind by 22.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,816 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of MannKind in the second quarter valued at approximately $67,000. Finally, Quantinno Capital Management LP acquired a new position in shares of MannKind during the 3rd quarter worth approximately $85,000. Hedge funds and other 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.