MannKind (MNKD) Stock Price Up -0.2% on Insider Buying Activity
Shares of MannKind Co. (NASDAQ:MNKD) rose 0.2% during trading on Friday after an insider bought additional shares in the company. The stock traded as high as $2.58 and last traded at $2.52. Approximately 3,667,490 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 4,002,552 shares. The stock had previously closed at $2.52.
Specifically, VP Stuart A. Tross acquired 39,840 shares of the stock in a transaction on Thursday, December 21st. The stock was purchased at an average price of $2.52 per share, for a total transaction of $100,396.80. Following the completion of the transaction, the vice president now owns 59,840 shares of the company’s stock, valued at approximately $150,796.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kent Kresa bought 166,600 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were acquired at an average price of $6.00 per share, with a total value of $999,600.00. The disclosure for this purchase can be found here. Insiders acquired 214,440 shares of company stock valued at $1,118,317 in the last quarter. Corporate insiders own 1.10% of the company’s stock.
A number of equities analysts recently commented on MNKD shares. HC Wainwright restated a “buy” rating on shares of MannKind in a report on Wednesday, November 8th. Maxim Group restated a “hold” rating on shares of MannKind in a report on Wednesday, November 1st. Zacks Investment Research downgraded MannKind from a “hold” rating to a “sell” rating in a report on Wednesday, December 13th. ValuEngine downgraded MannKind from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 14th. Finally, BidaskClub downgraded MannKind from a “hold” rating to a “sell” rating in a report on Friday. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Sell” and a consensus target price of $0.92.
The company has a current ratio of 0.31, a quick ratio of 0.28 and a debt-to-equity ratio of -0.43. The company has a market capitalization of $264.76, a price-to-earnings ratio of -8.93 and a beta of 3.07.
MannKind (NASDAQ:MNKD) last announced its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.11). The business had revenue of $2.04 million for the quarter, compared to the consensus estimate of $2.56 million. MannKind had a negative net margin of 155.83% and a negative return on equity of 24.93%. MannKind’s revenue was down 98.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 EPS. sell-side analysts predict that MannKind Co. will post -1.13 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of MNKD. Balyasny Asset Management LLC bought a new position in MannKind in the second quarter worth $568,000. Dupont Capital Management Corp bought a new position in MannKind in the third quarter worth $219,000. Bank of New York Mellon Corp raised its holdings in MannKind by 30.2% in the third quarter. Bank of New York Mellon Corp now owns 108,380 shares of the biopharmaceutical company’s stock worth $236,000 after purchasing an additional 25,125 shares in the last quarter. Macquarie Group Ltd. bought a new position in MannKind in the third quarter worth $156,000. Finally, Wells Fargo & Company MN raised its holdings in MannKind by 51.5% in the third quarter. Wells Fargo & Company MN now owns 89,951 shares of the biopharmaceutical company’s stock worth $196,000 after purchasing an additional 30,589 shares in the last quarter. Institutional investors and hedge funds own 12.11% of the company’s stock.
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MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.
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