MannKind (NASDAQ:MNKD) Stock Price Target Raised at Cantor Fitzgerald

MannKind (NASDAQ:MNKD) had its target price increased by Cantor Fitzgerald from $8.00 to $10.00 in a research report released on Friday morning, MarketBeat.com reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

Several other brokerages also recently issued reports on MNKD. HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. Chardan Capital initiated coverage on shares of MannKind in a report on Monday, October 19th. They set a “buy” rating and a $10.00 price objective for the company. Truist Financial cut their price objective on shares of MannKind from $6.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Finally, Wells Fargo & Company reduced their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MannKind has an average rating of “Moderate Buy” and a consensus target price of $8.33.

MannKind Trading Up 3.7%

MannKind stock traded up $0.14 during mid-day trading on Friday, hitting $3.90. The stock had a trading volume of 4,984,958 shares, compared to its average volume of 3,481,324. MannKind has a one year low of $2.23 and a one year high of $6.51. The firm has a market capitalization of $1.25 billion, a P/E ratio of -16.96 and a beta of 1.10. The firm’s 50 day moving average is $3.55 and its 200 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.05. The business had revenue of $101.87 million for the quarter, compared to the consensus estimate of $107.74 million. MannKind’s revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 earnings per share. As a group, equities research analysts forecast that MannKind will post -0.21 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Steven Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $3.29, for a total transaction of $128,477.79. Following the completion of the transaction, the director directly owned 713,258 shares of the company’s stock, valued at approximately $2,346,618.82. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Several hedge funds have recently modified their holdings of MNKD. Alps Advisors Inc. increased its position in MannKind by 36.4% in the third quarter. Alps Advisors Inc. now owns 426,020 shares of the biopharmaceutical company’s stock worth $1,661,000 after purchasing an additional 113,669 shares during the last quarter. CenterBook Partners LP bought a new position in MannKind during the third quarter valued at $55,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of MannKind in the 3rd quarter worth $64,000. International Assets Investment Management LLC increased its holdings in shares of MannKind by 185.7% in the 3rd quarter. International Assets Investment Management LLC now owns 30,000 shares of the biopharmaceutical company’s stock worth $117,000 after buying an additional 19,500 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of MannKind by 15.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 71,469 shares of the biopharmaceutical company’s stock worth $279,000 after buying an additional 9,799 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting 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

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).