Zacks Investment Research Downgrades MannKind Corporation (NASDAQ:MNKD) to Sell

MannKind Corporation (NASDAQ:MNKD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

According to Zacks, “Mannkind Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes, cancer, inflammatory and autoimmune diseases. The Company’s lead product, the Technosphere Insulin System, consists of the Company’s dry-powder Technosphere formulation of insulin and the Company’s MedTone inhaler through which the powder is inhaled into the deep lung. “

Several other brokerages also recently issued reports on MNKD. ValuEngine downgraded MannKind Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Piper Jaffray Companies set a $1.00 price target on MannKind Corporation and gave the company a “sell” rating in a report on Thursday, May 11th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of MannKind Corporation in a report on Thursday, May 11th. Finally, S&P Equity Research cut their price target on MannKind Corporation from $1.04 to $0.83 in a report on Monday, May 8th.

MannKind Corporation (MNKD) opened at 1.19 on Friday. MannKind Corporation has a 12 month low of $0.41 and a 12 month high of $2.38. The company has a market cap of $120.20 million, a price-to-earnings ratio of 0.84 and a beta of 3.30. The company’s 50-day moving average is $1.29 and its 200-day moving average is $1.23.

MannKind Corporation (NASDAQ:MNKD) last announced its quarterly earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by $0.10. MannKind Corporation had a net margin of 71.60% and a negative return on equity of 24.93%. The business had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.75 million. During the same period in the prior year, the business earned $0.08 EPS. On average, equities research analysts anticipate that MannKind Corporation will post ($1.09) earnings per share for the current year.

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A number of large investors have recently made changes to their positions in MNKD. LMR Partners LLP acquired a new stake in shares of MannKind Corporation during the second quarter valued at about $352,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in MannKind Corporation by 20.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 98,520 shares during the last quarter. KCG Holdings Inc. boosted its position in MannKind Corporation by 268.0% in the first quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 107,752 shares during the last quarter. Norges Bank purchased a new position in MannKind Corporation during the fourth quarter valued at $866,000. Finally, State Street Corp boosted its position in MannKind Corporation by 2.9% in the fourth quarter. State Street Corp now owns 5,091,948 shares of the biopharmaceutical company’s stock valued at $3,242,000 after buying an additional 145,754 shares during the last quarter. 17.69% of the stock is owned by institutional investors and hedge funds.

MannKind Corporation Company Profile

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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