MannKind (NASDAQ:MNKD) Receives Buy Rating from HC Wainwright

MannKind (NASDAQ:MNKD)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They presently have a $11.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target suggests a potential upside of 199.65% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Zacks Research lowered MannKind from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Wall Street Zen raised MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Wells Fargo & Company dropped their price target on MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Royal Bank Of Canada reduced their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a research note on Tuesday, November 11th. Finally, Leerink Partners initiated coverage on shares of MannKind in a research note on Thursday, November 13th. They set an “outperform” rating and a $7.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.06.

MannKind Stock Performance

Shares of MNKD stock traded down $1.87 on Wednesday, reaching $3.67. 20,990,043 shares of the company were exchanged, compared to its average volume of 3,973,733. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 36.15 and a beta of 0.84. The business has a 50-day moving average price of $5.71 and a 200 day moving average price of $5.38. MannKind has a 1 year low of $3.29 and a 1 year high of $6.51.

Insiders Place Their Bets

In related news, CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares in the company, valued at approximately $15,053,799.92. This trade represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stuart A. Tross sold 47,006 shares of MannKind stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider directly owned 985,007 shares in the company, valued at $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 262,846 shares of company stock valued at $1,546,840 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Several hedge funds have recently made changes to their positions in the company. Rubric Capital Management LP purchased a new stake in shares of MannKind during the 3rd quarter valued at approximately $61,297,000. Frazier Life Sciences Management L.P. purchased a new position in MannKind in the fourth quarter worth approximately $23,956,000. State Street Corp increased its stake in MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after acquiring an additional 3,883,071 shares during the last quarter. UBS Group AG raised its position in MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of MannKind by 316.2% in the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Company Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.