MannKind Co. (NASDAQ:MNKD) Director Sells $465,323.04 in Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the sale, the director now directly owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. This represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

MannKind Stock Performance

Shares of MNKD stock opened at $6.61 on Thursday. The stock’s 50 day simple moving average is $6.71 and its 200 day simple moving average is $5.80. MannKind Co. has a twelve month low of $3.17 and a twelve month high of $7.63. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 93.86 and a beta of 1.30.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MNKD shares. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research note on Thursday, November 21st. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Leerink Partners initiated coverage on MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 price target for the company. Finally, Oppenheimer boosted their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $8.67.

Institutional Trading of MannKind

Several large investors have recently modified their holdings of MNKD. Principal Financial Group Inc. raised its holdings in MannKind by 401.8% in the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after acquiring an additional 134,937 shares during the period. International Assets Investment Management LLC grew its holdings in MannKind by 511.6% in the 3rd quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock valued at $558,000 after buying an additional 74,189 shares during the last quarter. SG Americas Securities LLC bought a new position in MannKind in the 3rd quarter worth approximately $546,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of MannKind by 15.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company’s stock worth $11,859,000 after buying an additional 251,587 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of MannKind by 14.4% in the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after acquiring an additional 115,390 shares during the period. 49.55% of the stock is owned by 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.