Insider Selling: MannKind VP Unloads 17,902 Shares of Stock (MNKD)

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MannKind (NASDAQ:MNKD) VP Diane Palumbo sold 17,902 shares of the stock on the open market in a transaction dated Monday, June 16th. The shares were sold at an average price of $10.59, for a total value of $189,582.18. Following the sale, the vice president now directly owns 140,956 shares in the company, valued at approximately $1,492,724. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

MNKD has been the subject of a number of recent research reports. Analysts at RBC Capital initiated coverage on shares of MannKind in a research note on Thursday, June 12th. They set an “outperform” rating and a $16.00 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of MannKind in a research note on Wednesday, May 14th. They now have a $7.00 price target on the stock. Finally, analysts at Piper Jaffray upgraded shares of MannKind from an “underweight” rating to a “neutral” rating in a research note on Wednesday, May 14th. They now have a $6.50 price target on the stock, up previously from $2.00. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $8.79.

MannKind (NASDAQ:MNKD) traded down 1.23% during mid-day trading on Wednesday, hitting $10.47. 3,068,816 shares of the company’s stock traded hands. MannKind has a one year low of $3.80 and a one year high of $11.11. The stock’s 50-day moving average is $8.1 and its 200-day moving average is $6.32. The company’s market cap is $3.957 billion.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.14) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.13) by $0.01. During the same quarter last year, the company posted ($0.15) earnings per share. On average, analysts predict that MannKind will post $-0.40 earnings per share for the current fiscal year.

MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.

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