MannKind (NASDAQ:MNKD) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

MNKD has been the subject of a number of other reports. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. Finally, Oppenheimer upped their target price on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. One 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. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Price Performance

NASDAQ MNKD opened at $6.84 on Thursday. MannKind has a 1-year low of $3.17 and a 1-year high of $7.63. The business has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $5.76. The stock has a market capitalization of $1.89 billion, a PE ratio of 97.71 and a beta of 1.30.

Insiders Place Their Bets

In related news, EVP Steven B. Binder sold 5,055 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the sale, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at $6,385,654.44. This represents a 0.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total transaction of $506,400.00. Following the completion of the sale, the insider now directly owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The trade was a 7.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 317,700 shares of company stock valued at $2,089,358 over the last three months. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On MannKind

Hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC boosted its holdings in MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after acquiring an additional 3,107,598 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of MannKind during the third quarter valued at $12,252,000. TSP Capital Management Group LLC grew its holdings in shares of MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after purchasing an additional 1,583,800 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of MannKind by 60.7% in the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after purchasing an additional 1,000,600 shares during the last quarter. Finally, Parkman Healthcare Partners LLC lifted its holdings in MannKind by 37.1% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after buying an additional 894,486 shares in the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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.