Wall Street Zen Downgrades MannKind (NASDAQ:MNKD) to Hold

Wall Street Zen cut shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a report published on Friday morning.

Several other research firms also recently weighed in on MNKD. Wedbush reiterated an “outperform” rating and set a $11.00 price target on shares of MannKind in a research note on Thursday, February 27th. Mizuho initiated coverage on MannKind in a research note on Thursday, April 10th. They issued an “outperform” rating and a $12.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $10.33.

MannKind Stock Performance

MannKind stock opened at $3.76 on Friday. The business’s 50-day simple moving average is $4.32 and its two-hundred day simple moving average is $5.15. The company has a market cap of $1.14 billion, a PE ratio of 37.60 and a beta of 1.02. MannKind has a fifty-two week low of $3.63 and a fifty-two week high of $7.63.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The business had revenue of $78.35 million for the quarter, compared to the consensus estimate of $75.86 million. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.05 EPS. As a group, analysts predict that MannKind will post 0.1 EPS for the current fiscal year.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 64,085 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $4.00, for a total value of $256,340.00. Following the completion of the transaction, the director now owns 925,258 shares of the company’s stock, valued at approximately $3,701,032. This represents a 6.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Thomson sold 32,179 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the transaction, the executive vice president now directly owns 772,427 shares of the company’s stock, valued at $3,614,958.36. The trade was a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 190,831 shares of company stock worth $846,298 over the last quarter. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

A number of large investors have recently bought and sold shares of MNKD. GF Fund Management CO. LTD. acquired a new position in MannKind in the 4th quarter worth about $37,000. Jones Financial Companies Lllp raised its holdings in shares of MannKind by 3,294.8% during the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock valued at $42,000 after acquiring an additional 6,392 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in shares of MannKind during the first quarter valued at approximately $51,000. Sowell Financial Services LLC acquired a new position in shares of MannKind during the first quarter valued at approximately $56,000. Finally, Kovitz Investment Group Partners LLC acquired a new position in shares of MannKind during the fourth quarter valued at approximately $65,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Company Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults.