MannKind Trading Down 2.9% on Insider Selling (MNKD)
MannKind (NASDAQ:MNKD) traded down 2.9% during mid-day trading on Thursday after an insider sold shares in the company, StockRatingsNetwork reports. The stock traded as low as $9.71 and last traded at $10.23, with a volume of 23,426,103 shares traded. The stock had previously closed at $10.54.
Specifically, VP Diane Palumbo unloaded 52,957 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $9.50, for a total transaction of $503,091.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $7.58.
The stock’s 50-day moving average is $7.13 and its 200-day moving average is $5.96. The company’s market cap is $3.708 billion. MannKind also was the recipient of a large increase in short interest in the month of 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. Approximately 29.2% of the company’s shares are sold short. Based on an average trading volume of 6,058,257 shares, the short-interest ratio is presently 11.2 days.
MannKind (NASDAQ:MNKD) last announced its earnings results 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. On average, analysts predict that MannKind will post $-0.45 earnings per share for the current fiscal year.
MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.
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