MannKind (NASDAQ:MNKD) Shares Down 6% on Insider Selling

MannKind Co. (NASDAQ:MNKD) shares fell 6% on Tuesday following insider selling activity. The company traded as low as $6.28 and last traded at $6.32. 2,196,087 shares were traded during mid-day trading, a decline of 16% from the average session volume of 2,625,452 shares. The stock had previously closed at $6.72.

Specifically, Director Steven B. Binder sold 67,536 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the sale, the director now owns 1,075,026 shares in the company, valued at $7,406,929.14. This represents a 5.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research report on Monday, September 9th. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a report on Thursday, November 21st. Oppenheimer raised their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Finally, Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 target price for the company. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $8.67.

MannKind Stock Performance

The firm’s 50-day moving average price is $6.71 and its two-hundred day moving average price is $5.78. The firm has a market cap of $1.81 billion, a PE ratio of 94.00 and a beta of 1.30.

Institutional Investors Weigh In On MannKind

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of MannKind by 0.4% during the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after purchasing an additional 24,031 shares during the last quarter. Barclays PLC boosted its position in shares of MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock valued at $3,271,000 after purchasing an additional 338,121 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in MannKind during the 3rd quarter worth approximately $413,000. XTX Topco Ltd increased its position in MannKind by 104.4% during the third quarter. XTX Topco Ltd now owns 45,248 shares of the biopharmaceutical company’s stock worth $285,000 after buying an additional 23,111 shares during the period. Finally, National Bank of Canada FI lifted its stake in MannKind by 14.8% in the third quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,783 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Company Profile

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.