MannKind Corporation (NASDAQ:MNKD) Stock Has Consensus Price Target of $7.84

Shares of MannKind Corporation (NASDAQ:MNKD) have been given a consensus rating of “Moderate Buy” by the ten analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $7.84.

Several research firms recently commented on MNKD. Truist Financial reduced their target price on MannKind from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 price target on shares of MannKind in a report on Friday, September 11th. Finally, Wells Fargo & Company dropped their price target on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th.

Insiders Place Their Bets

In related news, Director Steven Binder sold 39,051 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $3.29, for a total value of $128,477.79. Following the sale, the director directly owned 713,258 shares of the company’s stock, valued at $2,346,618.82. This trade represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 111,660 shares of company stock valued at $414,881 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC lifted its holdings in shares of MannKind by 41.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock worth $297,000 after acquiring an additional 20,480 shares during the last quarter. WINTON GROUP Ltd purchased a new position in MannKind in the second quarter worth $197,000. Integrated Wealth Concepts LLC purchased a new position in MannKind in the second quarter worth $78,000. Squarepoint Ops LLC bought a new position in MannKind in the second quarter valued at $1,760,000. Finally, Allworth Financial LP increased its stake in MannKind by 2,013.4% in the second quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock valued at $47,000 after acquiring an additional 10,550 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Price Performance

MNKD opened at $3.02 on Monday. The company has a fifty day moving average price of $3.76 and a 200-day moving average price of $3.57. The firm has a market capitalization of $971.05 million, a P/E ratio of -23.23 and a beta of 1.09. MannKind has a one year low of $2.23 and a one year high of $6.51.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $109.37 million during the quarter, compared to analysts’ expectations of $108.08 million. The company’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. On average, analysts expect that MannKind will post -0.20 earnings per share for the current year.

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).