Insider Selling: MannKind Co. (NASDAQ:MNKD) Director Sells $456,563.64 in Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 67,539 shares of the firm’s stock in a transaction that occurred 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 directly owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

MannKind Stock Up 0.3 %

Shares of NASDAQ:MNKD opened at $6.90 on Friday. The firm’s 50 day moving average price is $6.69 and its 200-day moving average price is $5.73. The stock has a market capitalization of $1.90 billion, a PE ratio of 98.61 and a beta of 1.30. MannKind Co. has a twelve month low of $3.17 and a twelve month high of $7.63.

Wall Street Analysts Forecast Growth

MNKD has been the topic of several analyst reports. Leerink Partners assumed coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research report on Thursday. Oppenheimer upped their target price on shares of 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 shares of MannKind to a “strong-buy” rating in a report 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.67.

Institutional Investors Weigh In On MannKind

Hedge funds have recently modified their holdings of the business. ProShare Advisors LLC lifted its position in shares of MannKind by 9.0% during the 1st quarter. ProShare Advisors LLC now owns 65,811 shares of the biopharmaceutical company’s stock valued at $298,000 after buying an additional 5,416 shares in the last quarter. EntryPoint Capital LLC boosted its position in shares of MannKind by 60.9% in the first quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock worth $108,000 after purchasing an additional 9,008 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of MannKind by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 172,054 shares of the biopharmaceutical company’s stock worth $780,000 after purchasing an additional 9,410 shares in the last quarter. 180 Wealth Advisors LLC raised its position in shares of MannKind by 4.7% during the 2nd quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock valued at $11,411,000 after purchasing an additional 91,924 shares during the period. Finally, Brookstone Capital Management purchased a new position in shares of MannKind during the 2nd quarter valued at $61,000. 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.