Insider Selling: MannKind VP Unloads 52,957 Shares of Stock (MNKD)
MannKind (NASDAQ:MNKD) VP Diane Palumbo sold 52,957 shares of the stock on the open market in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $9.50, for a total transaction of $503,091.50. Following the completion of the sale, the vice president now directly owns 158,858 shares of the company’s stock, valued at approximately $1,509,151. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of MannKind (NASDAQ:MNKD) traded up 10.83% on Wednesday, hitting $10.54. The stock had a trading volume of 30,007,824 shares. MannKind has a 52 week low of $3.80 and a 52 week high of $10.55. The stock has a 50-day moving average of $7.13 and a 200-day moving average of $5.96. The company’s market cap is $3.983 billion. MannKind also was the target of a large increase in short interest in May. As of May 15th, there was short interest totalling 68,035,239 shares, an increase of 3.6% from the April 30th total of 65,647,607 shares. Currently, 29.2% of the company’s stock are short sold. Based on an average daily volume of 6,058,257 shares, the days-to-cover ratio is presently 11.2 days.
MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by $0.01. During the same quarter in the previous year, the company posted ($0.15) earnings per share. Analysts expect that MannKind will post $-0.45 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of MannKind in a research note on Wednesday, May 14th. They now have a $7.00 price target on the stock. Separately, analysts at Piper Jaffray upgraded shares of MannKind from an “underweight” rating to a “neutral” rating in a research note on Wednesday, May 14th. They now have a $6.50 price target on the stock, up previously from $2.00. They noted that the move was a valuation call. Finally, analysts at MLV & Co
reiterated a “buy” rating on shares of MannKind in a research note on Tuesday, May 13th. They now have a $10.00 price target on the stock, down previously from $11.00. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. MannKind has a consensus rating of “Hold” and a consensus target price of $7.58.
MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.