MannKind (NASDAQ:MNKD) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of MannKind (NASDAQ:MNKD) from a strong sell rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company lowered their target price on MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Wall Street Zen upgraded shares of MannKind from a “sell” rating to a “hold” rating in a report on Sunday, July 5th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Finally, Mizuho dropped their price objective on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, MannKind currently has an average rating of “Moderate Buy” and a consensus target price of $9.22.

MannKind Trading Down 5.1%

NASDAQ:MNKD opened at $3.89 on Wednesday. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -29.92 and a beta of 1.12. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51. The business’s fifty day moving average price is $3.93 and its 200 day moving average price is $3.77.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (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 11.08%.The business had revenue of $90.17 million during the quarter, compared to analysts’ expectations of $105.38 million. During the same period in the prior year, the company posted $0.04 earnings per share. The firm’s revenue was up 15.1% on a year-over-year basis. Equities analysts forecast that MannKind will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the company’s 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 transaction, the director directly owned 808,008 shares of the company’s stock, valued at $2,658,346.32. This represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On MannKind

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in shares of MannKind by 19.8% in the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock valued at $278,000 after buying an additional 9,160 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in MannKind by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock valued at $1,059,000 after acquiring an additional 6,079 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in MannKind by 8.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock valued at $3,374,000 after acquiring an additional 53,202 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in MannKind by 42.7% in the second quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company’s stock valued at $5,057,000 after acquiring an additional 404,842 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in MannKind by 84.8% in the second quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company’s stock worth $140,000 after acquiring an additional 17,150 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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).