Analysts Set MannKind Corporation (NASDAQ:MNKD) Target Price at $9.06

MannKind Corporation (NASDAQ:MNKD) has been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $9.0625.

Several research analysts have recently weighed in on the company. Wells Fargo & Company cut their price target on MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Zacks Research cut MannKind from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. 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 report on Thursday, March 5th. HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of MannKind in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a research note on Friday, February 27th.

Insider Activity at MannKind

In other MannKind news, CEO Michael Castagna acquired 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average cost of $2.59 per share, with a total value of $259,000.00. Following the acquisition, the chief executive officer owned 2,575,911 shares in the company, valued at approximately $6,671,609.49. This represents a 4.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Stuart A. Tross sold 47,006 shares of MannKind stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total transaction of $297,547.98. Following the completion of the transaction, the insider owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This represents a 4.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds have recently made changes to their positions in MNKD. Level Four Advisory Services LLC raised its stake in shares of MannKind by 12.5% during the 3rd quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock valued at $93,000 after purchasing an additional 1,925 shares during the period. Franklin Resources Inc. boosted its stake in MannKind by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock worth $871,000 after purchasing an additional 2,201 shares during the period. Aaron Wealth Advisors LLC grew its holdings in MannKind by 1.2% during the 4th quarter. Aaron Wealth Advisors LLC now owns 200,763 shares of the biopharmaceutical company’s stock valued at $1,138,000 after buying an additional 2,355 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of MannKind by 7.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company’s stock valued at $189,000 after buying an additional 2,404 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of MannKind by 6.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 2,443 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Trading Up 3.9%

MannKind stock opened at $2.37 on Thursday. The business’s 50 day simple moving average is $4.26 and its 200 day simple moving average is $5.07. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The company has a market cap of $730.20 million, a price-to-earnings ratio of 118.56 and a beta of 0.84.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The firm had revenue of $111.96 million during the quarter, compared to analysts’ expectations of $99.85 million. MannKind had a negative return on equity of 11.21% and a net margin of 1.68%.The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 earnings per share. As a group, equities research analysts forecast that MannKind will post 0.1 earnings per share for the current fiscal year.

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.