MannKind (NASDAQ:MNKD) Announces Quarterly Earnings Results

MannKind (NASDAQ:MNKD) released its quarterly earnings results on Wednesday. The biopharmaceutical company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02, Zacks reports. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. MannKind’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 earnings per share.

MannKind Stock Performance

Shares of NASDAQ MNKD traded up $0.65 during midday trading on Wednesday, reaching $6.13. The stock had a trading volume of 9,328,582 shares, compared to its average volume of 3,057,834. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 55.78 and a beta of 1.08. MannKind has a twelve month low of $3.38 and a twelve month high of $7.63. The company’s 50 day moving average price is $5.37 and its 200 day moving average price is $4.54.

Insider Activity

In other news, insider Stuart A. Tross sold 47,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total value of $250,980.00. Following the transaction, the insider owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. The trade was a 4.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd raised its stake in MannKind by 25.5% in the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock valued at $15,206,000 after purchasing an additional 825,608 shares in the last quarter. Scopia Capital Management LP purchased a new position in shares of MannKind in the 2nd quarter worth about $2,599,000. JPMorgan Chase & Co. raised its position in MannKind by 42.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company’s stock worth $5,057,000 after buying an additional 404,842 shares during the last quarter. Man Group plc raised its position in MannKind by 42.5% in the 2nd quarter. Man Group plc now owns 898,164 shares of the biopharmaceutical company’s stock worth $3,359,000 after buying an additional 267,885 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of MannKind by 16.6% during the 2nd quarter. Invesco Ltd. now owns 1,592,315 shares of the biopharmaceutical company’s stock valued at $5,955,000 after purchasing an additional 226,465 shares during the last quarter. Institutional investors own 49.55% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Oppenheimer raised their target price on shares of MannKind from $12.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, September 5th. Wall Street Zen cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Wells Fargo & Company assumed coverage on shares of MannKind in a research note on Monday, October 20th. They set an “overweight” rating and a $10.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada raised their price target on shares of MannKind from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.86.

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.