MannKind (NASDAQ:MNKD) Stock Price Target Lowered at Truist Financial

MannKind (NASDAQ:MNKD) had its price target cut by Truist Financial from $6.00 to $5.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price target points to a potential upside of 45.14% from the company’s current price.

Other research analysts have also issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price target on shares of MannKind in a research note on Friday, September 11th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Friday. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday. Wells Fargo & Company lowered their target price on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Finally, Wall Street Zen cut MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.84.

MannKind Price Performance

MNKD stock traded down $0.27 during midday trading on Wednesday, hitting $3.44. The stock had a trading volume of 2,511,908 shares, compared to its average volume of 5,260,268. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -26.58 and a beta of 1.09. The business has a 50-day moving average of $3.85 and a two-hundred day moving average of $3.53. MannKind has a 52-week low of $2.23 and a 52-week high of $6.51.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $109.37 million for the quarter, compared to analysts’ expectations of $108.08 million. During the same period in the prior year, the business posted $0.05 EPS. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. Research analysts predict that MannKind will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Steven Binder sold 39,051 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the transaction, the director directly owned 785,867 shares of the company’s stock, valued at approximately $3,190,620.02. This represents a 4.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 111,660 shares of company stock valued at $414,881. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MNKD. Wellington Management Group LLP increased its holdings in MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock worth $33,419,000 after buying an additional 4,561,628 shares in the last quarter. Frazier Life Sciences Management L.P. bought a new position in MannKind during the 4th quarter valued at about $23,956,000. Braidwell LP purchased a new stake in shares of MannKind during the 2nd quarter valued at about $14,733,000. EcoR1 Capital LLC purchased a new stake in shares of MannKind during the 4th quarter valued at about $9,412,000. Finally, 180 Wealth Advisors LLC grew its stake in shares of MannKind by 45.0% in the first 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. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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).