MannKind (NASDAQ:MNKD) Lowered to “Hold” Rating by StockNews.com

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

Several other analysts also recently issued reports on MNKD. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Leerink Partners started coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 target price on the stock. Finally, Oppenheimer boosted 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. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $8.67.

MannKind Stock Up 0.3 %

Shares of NASDAQ MNKD opened at $6.90 on Thursday. The firm has a 50-day moving average price of $6.69 and a 200 day moving average price of $5.73. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 98.61 and a beta of 1.30. MannKind has a 52 week low of $3.17 and a 52 week high of $7.63.

Insiders Place Their Bets

In related news, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. This represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the transaction, the executive vice president now owns 1,075,026 shares in the company, valued at approximately $6,385,654.44. This trade represents a 0.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 317,700 shares of company stock valued at $2,089,358 in the last quarter. 3.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. State Street Corp increased its stake in MannKind by 0.4% during the third quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after acquiring an additional 40,338 shares during the last quarter. Geode Capital Management LLC increased its position in MannKind by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after purchasing an additional 24,031 shares in the last quarter. Millennium Management LLC raised its holdings in MannKind by 189.8% in 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 period. Parkman Healthcare Partners LLC lifted its position in 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 buying an additional 894,486 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in MannKind by 60.7% during 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 buying an additional 1,000,600 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.