MannKind (NASDAQ:MNKD) Rating Lowered to Sell at Wall Street Zen

MannKind (NASDAQ:MNKD) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other equities research analysts also recently weighed in on MNKD. Weiss Ratings downgraded MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Wells Fargo & Company set a $11.00 price target on shares of MannKind and gave the company an “overweight” rating in a research note on Monday, June 1st. Royal Bank Of Canada lifted their price objective on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Mizuho cut their price objective on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Finally, Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.97.

MannKind Trading Up 5.4%

Shares of NASDAQ MNKD opened at $4.14 on Friday. The firm has a market cap of $1.28 billion, a P/E ratio of -59.18 and a beta of 1.13. The business’s 50 day moving average is $3.37 and its 200-day moving average is $4.13. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The firm had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. During the same quarter last year, the firm earned $0.04 earnings per share. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. Analysts forecast that MannKind will post -0.06 EPS for the current year.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the sale, the director directly owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of MannKind by 51.5% in the third quarter. JPMorgan Chase & Co. now owns 2,047,869 shares of the biopharmaceutical company’s stock worth $10,997,000 after acquiring an additional 695,852 shares during the last quarter. EcoR1 Capital LLC bought a new stake in shares of MannKind during the 4th quarter valued at approximately $9,412,000. Vanguard Group Inc. grew its holdings in shares of MannKind by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock valued at $101,385,000 after purchasing an additional 250,290 shares during the last quarter. Apis Capital Advisors LLC acquired a new position in MannKind during the 4th quarter worth approximately $6,805,000. Finally, Deltec Asset Management LLC increased its position in MannKind by 34.7% during the 4th quarter. Deltec Asset Management LLC now owns 974,700 shares of the biopharmaceutical company’s stock worth $5,527,000 after purchasing an additional 251,200 shares in the last quarter. 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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).