MannKind (NASDAQ:MNKD) Reaches New 52-Week Low – Here’s Why
by Danessa Lincoln · The Markets DailyMannKind Corporation (NASDAQ:MNKD – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.29 and last traded at $3.50, with a volume of 36513820 shares trading hands. The stock had previously closed at $5.54.
Analyst Ratings Changes
A number of equities analysts recently weighed in on the stock. Zacks Research downgraded shares of MannKind from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Truist Financial set a $9.00 target price on shares of MannKind in a research note on Monday, November 24th. Royal Bank Of Canada reduced their target price on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a research report on Tuesday, November 11th. Wall Street Zen upgraded MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Wells Fargo & Company lowered their target price on MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.06.
Check Out Our Latest Analysis on MNKD
MannKind Price Performance
The stock has a market capitalization of $1.07 billion, a P/E ratio of 35.00 and a beta of 0.84. The stock has a fifty day moving average price of $5.66 and a 200 day moving average price of $5.37.
Insider Transactions at MannKind
In other news, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total value of $297,547.98. Following the completion of the transaction, the insider directly owned 985,007 shares in the company, valued at approximately $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Castagna sold 65,804 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the sale, the chief executive officer directly owned 2,504,792 shares in the company, valued at $15,053,799.92. This trade represents a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 262,846 shares of company stock worth $1,546,840. Insiders own 2.70% of the company’s stock.
Hedge Funds Weigh In On MannKind
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Calamos Advisors LLC bought a new stake in shares of MannKind during the third quarter valued at approximately $1,240,000. Los Angeles Capital Management LLC boosted its position in shares of MannKind by 68.3% during the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock worth $1,636,000 after acquiring an additional 177,440 shares during the last quarter. Geode Capital Management LLC grew its stake in MannKind by 12.3% during the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after acquiring an additional 831,478 shares in the last quarter. 180 Wealth Advisors LLC increased its holdings in MannKind by 11.2% in the 3rd quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company’s stock valued at $15,424,000 after acquiring an additional 290,276 shares during the last quarter. Finally, TSP Capital Management Group LLC lifted its stake in MannKind by 7.2% in the 2nd quarter. TSP Capital Management Group LLC now owns 2,982,575 shares of the biopharmaceutical company’s stock worth $11,155,000 after purchasing an additional 201,225 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 is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.
Afrezza received U.S.