MannKind (NASDAQ:MNKD) Trading 7.5% Higher – Time to Buy?

MannKind Corporation (NASDAQ:MNKD) rose 7.5% during mid-day trading on Thursday . The company traded as high as $4.40 and last traded at $4.3550. Approximately 1,438,176 shares were traded during trading, a decline of 74% from the average daily volume of 5,630,342 shares. The stock had previously closed at $4.05.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MNKD shares. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 15th. Mizuho decreased their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. HC Wainwright raised their price target on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company set a $11.00 price objective on MannKind and gave the stock an “overweight” rating in a report on Monday, June 1st. Finally, Royal Bank Of Canada increased their target price on MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.97.

MannKind Stock Performance

The business’s 50-day moving average price is $3.52 and its 200-day moving average price is $4.08. The stock has a market cap of $1.40 billion, a P/E ratio of -64.56 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The company had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. During the same period in the prior year, the business posted $0.04 earnings per share. MannKind’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, equities research analysts expect that MannKind Corporation will post -0.06 earnings per share for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the sale, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in MannKind by 51.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,047,869 shares of the biopharmaceutical company’s stock worth $10,997,000 after buying an additional 695,852 shares in the last quarter. EcoR1 Capital LLC bought a new position in shares of MannKind in the fourth quarter worth about $9,412,000. Deltec Asset Management LLC grew its position in shares of MannKind by 34.7% during the fourth quarter. Deltec Asset Management LLC now owns 974,700 shares of the biopharmaceutical company’s stock worth $5,527,000 after purchasing an additional 251,200 shares in the last quarter. Vanguard Group Inc. raised its stake in MannKind by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock valued at $101,385,000 after purchasing an additional 250,290 shares during the period. Finally, Apis Capital Advisors LLC bought a new stake in MannKind during the 4th quarter valued at approximately $6,805,000. 49.55% of the stock is currently owned by institutional investors.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).