MannKind Corporation VP Sells 52,957 Shares In Open Market

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In a transaction executed on Tuesday, MannKind VP Diane Palumbo sold 52,957 shares of the company in the open market at an average price of $9.50.

Given Palumbo sold the shares at an average price of $9.50, that adds up to a total transaction value of $503,091.50. The information about the sale was disclosed in a legal filing with the Securities & Exchange Commission (SEC).

MannKind trading higher

Shares of MannKind Corporation (NASDAQ:MNKD) hit a new 52 week high as investors are excited expecting FDA to announce its decision regarding the company’s diabetes drug Afrezza. Investors and analysts at Wall Street are positive on the development and expect that the drug will be approved, but there are doubt over a buyout and short sellers declining.

That said, many expect that the short sellers will increasingly close their position as they are concerned about surging share prices. Out of total 21 trading session, MannKind Corporation (NASDAQ:MNKD) shares have moved up 17 times, and the share price has increased 63%. The latest short interest data from NASDAQ reveal that there are 11 days to cover the entire short position in the equity.

MannKind Corporation (NASDAQ:MNKD) shares moved up 10.83% on Wednesday reaching $10.54, and its trading volume was 30,007,824 shares. The shares have a 52 week low of $3.80 and a 52 week high of $10.55. At present, the stock is trading above the 50 days moving average of $7.13 and a 200-day moving average of $5.96.

Analysts rate the stock as Hold

Recently, MannKind Corporation (NASDAQ:MNKD) shares have received a number of ratings from various analysts. Zacks has maintained Neutral rating on the shares in a research note published on Wednesday May 14th. They assign a price target of $7.00 to the stock. Piper Jaffray analysts have assigned an Underweight rating to the stock, a downgrade from Neutral in a research note issued on May 14th assigning it a price target of $6.50. Finally, analysts at MLV & Co maintain their Buy rating on the stock, assigning it a price target of $10.00 in a research note issued on Tuesday, May 13th. MannKind Corporation has a consensus rating of Hold and a consensus target price of $7.58.

The pharma company posted earnings per share of ($0.14) for the recent quarter, below the consensus estimate of ($0.13), but better than last year’s same quarter earnings of ($0.15) earnings per share. Analysts are anticipating the company to post earnings per share of -$0.45 in the current fiscal year.

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