Brokerages Set MannKind Corporation (NASDAQ:MNKD) PT at $9.21

Shares of MannKind Corporation (NASDAQ:MNKD) have received a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $9.0625.

MNKD has been the topic of several research analyst reports. Truist Financial set a $9.00 target price on MannKind in a research note on Monday, November 24th. Wells Fargo & Company decreased their price target on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Zacks Research downgraded shares of MannKind from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Wedbush dropped their price objective on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Wall Street Zen downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th.

MannKind Stock Down 7.8%

Shares of MannKind stock opened at $2.61 on Friday. MannKind has a 12 month low of $2.59 and a 12 month high of $6.51. The stock has a market cap of $804.14 million, a PE ratio of 130.57 and a beta of 0.83. The business has a fifty day simple moving average of $5.25 and a 200-day simple moving average of $5.33.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business had revenue of $111.96 million for the quarter, compared to analyst estimates of $99.85 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. Analysts expect that MannKind will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, CEO Michael Castagna sold 65,804 shares of MannKind stock in a transaction on Wednesday, December 17th. The stock was 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 owned 2,504,792 shares of the company’s stock, 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 the SEC website. Also, insider Stuart A. Tross sold 47,006 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $6.33, for a total value of $297,547.98. Following the completion of the transaction, the insider owned 985,007 shares in the company, valued at $6,235,094.31. This trade represents a 4.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 154,926 shares of company stock worth $945,726. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

A number of hedge funds and other institutional investors have recently made changes to their positions in MNKD. Caitong International Asset Management Co. Ltd grew its stake in shares of MannKind by 108.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 2,927 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in MannKind during the second quarter valued at approximately $42,000. International Assets Investment Management LLC bought a new position in MannKind during the fourth quarter valued at approximately $45,000. Burkett Financial Services LLC acquired a new stake in MannKind in the fourth quarter valued at approximately $59,000. Finally, Huntington National Bank lifted its stake in MannKind by 420.0% in the fourth quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock valued at $59,000 after acquiring an additional 8,400 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

About MannKind

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.