Analysts Set MannKind Corporation (NASDAQ:MNKD) PT at $8.84

Shares of MannKind Corporation (NASDAQ:MNKD) have been assigned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $8.8438.

A number of brokerages have recently weighed in on MNKD. Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Wedbush cut their price objective on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. HC Wainwright lifted their price target on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Mizuho dropped their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th.

Insider Activity

In related 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 in the company, valued at approximately $2,658,346.32. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael Castagna purchased 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average price of $2.59 per share, with a total value of $259,000.00. Following the transaction, the chief executive officer owned 2,575,911 shares of the company’s stock, valued at $6,671,609.49. This represents a 4.04% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Rubric Capital Management LP purchased a new position in MannKind in the third quarter worth about $61,297,000. Frazier Life Sciences Management L.P. purchased a new position in MannKind in the fourth quarter worth about $23,956,000. State Street Corp grew its position in MannKind by 36.2% in the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after acquiring an additional 3,883,071 shares in the last quarter. UBS Group AG boosted its position in shares of MannKind by 146.7% during the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after buying an additional 3,088,820 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of MannKind by 316.2% during the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after buying an additional 2,634,533 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Stock Down 1.0%

Shares of MannKind stock opened at $2.96 on Friday. The firm has a market cap of $914.49 million, a price-to-earnings ratio of -42.28 and a beta of 1.04. The business has a 50-day moving average price of $2.75 and a 200-day moving average price of $4.46. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The firm had revenue of $90.17 million for the quarter, compared to analysts’ expectations of $105.38 million. MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 EPS. On average, equities analysts expect that MannKind will post -0.04 EPS for the current fiscal year.

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).