MannKind (NASDAQ:MNKD) Stock Price Down 5.4% – Should You Sell?

MannKind Co. (NASDAQ:MNKD)’s stock price fell 5.4% during mid-day trading on Tuesday . The company traded as low as $5.90 and last traded at $5.93. 492,878 shares were traded during mid-day trading, a decline of 81% from the average session volume of 2,628,177 shares. The stock had previously closed at $6.27.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MNKD. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $7.00 to $10.00 in a research report on Thursday. Oppenheimer raised their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Leerink Partners initiated coverage on shares of MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $8.86.

MannKind Price Performance

The firm has a market cap of $1.64 billion, a PE ratio of 84.86 and a beta of 1.28. The firm has a 50-day simple moving average of $6.75 and a 200 day simple moving average of $6.01.

Insider Buying and Selling

In other news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the transaction, the insider now 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven B. Binder sold 67,539 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $6.76, for a total transaction of $456,563.64. Following the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This trade represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 190,075 shares of company stock valued at $1,325,587 over the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MNKD. Meeder Asset Management Inc. purchased a new stake in shares of MannKind in the second quarter valued at $55,000. Brookstone Capital Management bought a new stake in MannKind in the second quarter worth about $61,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of MannKind by 22.3% during 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 buying an additional 1,816 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of MannKind in the second quarter worth approximately $67,000. Finally, Quantinno Capital Management LP purchased a new stake in shares of MannKind in the third quarter worth approximately $85,000. 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.