Chardan Capital Initiates Coverage on MannKind (NASDAQ:MNKD)

Key Points

• Chardan Capital initiated coverage of MannKind with a “buy” rating and a $10 price target, implying approximately 229% upside from the stock’s cited $3.04 price.
• Analyst sentiment is broadly positive: eight analysts rate MannKind a Buy, two rate it Hold, and one rates it Sell, producing a consensus rating of “Moderate Buy” and an average price target of $8.08.
• MannKind reported quarterly revenue of $109.37 million, up 43% year over year, while meeting estimates with an EPS loss of $0.01. Insiders sold 111,660 shares over the prior 90 days, while institutional investors owned 49.55% of the stock.

Investment analysts at Chardan Capital started coverage on shares of MannKind (NASDAQ:MNKD - Get Free Report) in a research note issued to investors on Monday, Benzinga reports. The brokerage set a "buy" rating and a $10.00 price target on the biopharmaceutical company's stock. Chardan Capital's price target suggests a potential upside of 228.95% from the company's current price.

Several other equities research analysts have also issued reports on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.00 price target on shares of MannKind in a report on Friday, September 11th. Weiss Ratings reiterated a "sell (d)" rating on shares of MannKind in a research report on Friday, October 2nd. Wells Fargo & Company dropped their price objective on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Truist Financial dropped their price objective on shares of MannKind from $6.00 to $5.00 and set a "buy" rating for the company in a research note on Wednesday, October 7th. Finally, HC Wainwright restated a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Eight 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's stock. According to data from MarketBeat, MannKind has an average rating of "Moderate Buy" and a consensus price target of $8.08.

MannKind Price Performance

NASDAQ:MNKD opened at $3.04 on Monday. The stock's 50-day simple moving average is $3.73 and its 200 day simple moving average is $3.58. The firm has a market capitalization of $977.48 million, a PE ratio of -23.38 and a beta of 1.09. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.01). The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. The business's revenue was up 43.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, analysts anticipate that MannKind will post -0.20 EPS for the current fiscal year.

Insider Buying and Selling

In other MannKind news, Director Steven Binder sold 39,051 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the transaction, the director directly owned 785,867 shares in the company, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 111,660 shares of company stock valued at $414,881 in the last ninety days. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. TSP Capital Management Group LLC boosted its position in MannKind by 5.2% during the 3rd quarter. TSP Capital Management Group LLC now owns 4,180,525 shares of the biopharmaceutical company's stock worth $16,304,000 after buying an additional 207,850 shares during the period. AdvisorNet Financial Inc acquired a new position in MannKind in the 3rd quarter valued at approximately $39,000. Sequoia Financial Advisors LLC increased its position in MannKind by 41.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company's stock valued at $297,000 after acquiring an additional 20,480 shares during the period. WINTON GROUP Ltd bought a new position in shares of MannKind during the second quarter valued at $197,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of MannKind during the second quarter valued at $78,000. Institutional investors and hedge funds 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).

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