MannKind (NASDAQ:MNKD) Stock Price Up 7.5% – Here’s What Happened

MannKind Corporation (NASDAQ:MNKD) traded up 7.5% on Thursday . The stock 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 session volume of 5,630,342 shares. The stock had previously closed at $4.05.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MNKD shares. Mizuho reduced their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Wells Fargo & Company set a $11.00 target price on shares of MannKind and gave the company an “overweight” rating in a report on Monday, June 1st. Royal Bank Of Canada upped their target price on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. HC Wainwright increased their price target on shares of MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Wedbush lowered their price target on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.97.

MannKind Stock Performance

The company has a market cap of $1.39 billion, a P/E ratio of -63.49 and a beta of 1.09. The stock has a 50-day moving average of $3.45 and a two-hundred day moving average of $4.09.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 last year, the firm posted $0.04 earnings per share. The company’s revenue was up 15.1% compared to the same quarter last year. Research analysts predict that MannKind Corporation will post -0.06 EPS for the current year.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the completion of the transaction, the director owned 808,008 shares of the company’s stock, valued at $2,658,346.32. The trade was a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of MannKind

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Krilogy Financial LLC purchased a new position in MannKind in the first quarter worth about $28,000. Independent Financial Group LLC purchased a new stake in shares of MannKind during the first quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd increased its position in shares of MannKind by 108.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 2,927 shares in the last quarter. Waverly Advisors LLC bought a new stake in shares of MannKind during the first quarter valued at approximately $43,000. Finally, International Assets Investment Management LLC purchased a new position in MannKind in the 4th quarter worth approximately $45,000. 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).