MannKind Co. (NASDAQ:MNKD) Director Sells $465,323.04 in Stock

MannKind Co. (NASDAQ:MNKD) Director Steven B. Binder sold 67,536 shares of the firm’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 completion of the sale, the director now owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This trade represents a 5.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

MannKind Stock Performance

NASDAQ:MNKD traded down $0.12 during trading hours on Monday, reaching $6.72. The company’s stock had a trading volume of 2,341,059 shares, compared to its average volume of 2,628,994. The stock has a 50 day moving average price of $6.71 and a two-hundred day moving average price of $5.78. The company has a market capitalization of $1.85 billion, a P/E ratio of 96.00 and a beta of 1.30. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $7.63.

Analyst Ratings Changes

A number of research firms have recently commented on MNKD. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Leerink Partners assumed coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 target price for the company. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Oppenheimer boosted their price objective 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 investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $8.67.

Institutional Investors Weigh In On MannKind

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in MannKind by 401.8% in the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after purchasing an additional 134,937 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of MannKind by 511.6% in the 3rd quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock valued at $558,000 after buying an additional 74,189 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of MannKind in the 3rd quarter worth approximately $546,000. Bank of New York Mellon Corp raised its stake in shares of MannKind by 14.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock worth $4,778,000 after acquiring an additional 115,390 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in MannKind by 15.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company’s stock valued at $11,859,000 after acquiring an additional 251,587 shares during 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.