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

Shares of MannKind Co. (NASDAQ:MNKD) fell 6% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $6.28 and last traded at $6.32. 2,196,087 shares changed hands 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 firm’s stock in a transaction that occurred on 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 in the company, valued at $7,406,929.14. This trade 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 the SEC website.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Leerink Partnrs raised MannKind to a “strong-buy” rating in a report on Monday, September 9th. StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Thursday, November 21st. Leerink Partners began coverage on MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 target price on the stock. Finally, Oppenheimer lifted their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, MannKind currently has an average rating of “Buy” and an average price target of $8.67.

MannKind Stock Down 5.8 %

The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 96.00 and a beta of 1.30. The business has a 50-day moving average of $6.71 and a 200-day moving average of $5.78.

Institutional Trading of MannKind

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in shares of MannKind by 401.8% during the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after purchasing an additional 134,937 shares during the last quarter. International Assets Investment Management LLC increased its stake in MannKind by 511.6% during the third quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock valued at $558,000 after acquiring an additional 74,189 shares during the period. SG Americas Securities LLC bought a new position in MannKind during the third quarter valued at about $546,000. Bank of New York Mellon Corp increased its stake in MannKind by 14.4% during the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after acquiring an additional 115,390 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake 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 period. Institutional investors and hedge funds own 49.55% of the company’s stock.

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.