Royal Bank Of Canada Issues Positive Forecast for MannKind (NASDAQ:MNKD) Stock Price

MannKind (NASDAQ:MNKD) had its target price hoisted by Royal Bank Of Canada from $4.75 to $5.00 in a research note issued to investors on Friday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the biopharmaceutical company’s stock.

Several other brokerages have also issued reports on MNKD. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a report on Friday, October 2nd. Wells Fargo & Company reduced 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. HC Wainwright restated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Chardan Capital assumed coverage on MannKind in a research report on Monday, October 19th. They set a “buy” rating and a $10.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.33.

MannKind Stock Up 3.7%

NASDAQ:MNKD traded up $0.14 during mid-day trading on Friday, hitting $3.90. 4,984,958 shares of the stock traded hands, compared to its average volume of 3,481,324. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -16.96 and a beta of 1.10. The firm’s 50 day moving average is $3.55 and its two-hundred day moving average is $3.71.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.05. The company had revenue of $101.87 million for the quarter, compared to the consensus estimate of $107.74 million. During the same period in the prior year, the firm posted $0.03 EPS. The business’s revenue was up 24.0% on a year-over-year basis. As a group, research analysts predict that MannKind will post -0.21 EPS for the current year.

Insider Activity

In other MannKind news, Director Steven Binder sold 39,051 shares of the stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $3.29, for a total transaction of $128,477.79. Following the completion of the transaction, the director 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 filing with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Large investors have recently bought and sold shares of the business. Sei Investments Co. lifted its holdings in shares of MannKind by 53.6% during the first quarter. Sei Investments Co. now owns 726,396 shares of the biopharmaceutical company’s stock worth $1,780,000 after purchasing an additional 253,537 shares during the period. Frazier Life Sciences Management L.P. raised its position in MannKind by 11.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock worth $28,116,000 after buying an additional 700,000 shares during the last quarter. Dimensional Fund Advisors LP raised its position in MannKind by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock worth $12,134,000 after buying an additional 509,692 shares during the last quarter. 180 Wealth Advisors LLC lifted its stake in shares of MannKind by 45.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock worth $10,515,000 after acquiring an additional 1,332,759 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of MannKind by 48.0% in the 1st quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company’s stock worth $2,130,000 after acquiring an additional 282,068 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

Trending Headlines about MannKind

Here are the key news stories impacting MannKind this week:

• Positive Sentiment: Analysts raised price targets. Cantor Fitzgerald lifted its target to $10 from $8 and maintained an “overweight” rating. RBC raised its target to $5 from $4.75, while keeping a “sector perform” rating. Cantor Fitzgerald analyst information RBC price target report
• Positive Sentiment: Longer-term revenue and profitability outlook. MannKind expects its United Therapeutics agreement to generate about $1 billion in revenue from 2027 through 2030, and is targeting profitability in the fourth quarter. United Therapeutics deal and profitability outlook
• Neutral Sentiment: Quarterly results were mixed. MannKind’s revenue rose 24% year over year to $101.87 million, and its reported loss per share was narrower than the consensus estimate. MannKind third-quarter results
• Negative Sentiment: Revenue missed expectations, and the company remained loss-making. Sales of $101.87 million were below analysts’ $107.74 million estimate, while EPS was down from a profit in the year-ago quarter. Q3 loss and revenue miss

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).