MannKind Corporation (NASDAQ:MNKD) Receives $8.97 Consensus Price Target from Brokerages

Shares of MannKind Corporation (NASDAQ:MNKD) have been given a consensus recommendation of “Moderate Buy” by the ten ratings firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $8.9688.

A number of research analysts have recently weighed in on MNKD shares. Wall Street Zen upgraded MannKind from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research note on Wednesday. Royal Bank Of Canada raised their price target on MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Wells Fargo & Company set a $11.00 price objective on MannKind and gave the stock an “overweight” rating in a research note on Monday, June 1st. Finally, Mizuho lowered their target price on MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th.

MannKind Price Performance

Shares of MNKD stock traded down $0.05 during mid-day trading on Friday, hitting $4.09. The company had a trading volume of 4,244,655 shares, compared to its average volume of 4,965,138. The stock’s 50 day moving average price is $3.67 and its 200-day moving average price is $4.02. MannKind has a 52-week low of $2.23 and a 52-week high of $6.51. The company has a market capitalization of $1.26 billion, a P/E ratio of -58.42 and a beta of 1.09.

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

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction 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 completion of the transaction, the director owned 808,008 shares in the company, valued at $2,658,346.32. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is owned by company insiders.

Institutional Trading of MannKind

Several hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP bought a new position in shares of MannKind in the 3rd quarter valued at about $61,297,000. Frazier Life Sciences Management L.P. bought a new stake in MannKind during the fourth quarter worth approximately $23,956,000. State Street Corp raised its position in MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock valued at $82,914,000 after purchasing an additional 3,883,071 shares during the period. UBS Group AG raised its position in MannKind by 146.7% during 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. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

About MannKind

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).