Cantor Fitzgerald Reaffirms Overweight Rating for MannKind (NASDAQ:MNKD)

Key Points

• Cantor Fitzgerald reaffirmed its “overweight” rating on MannKind and maintained an $8 price target, implying 158.9% upside from the prior close.
• Analyst sentiment is broadly positive, with eight Buy ratings, two Holds and one Sell; MarketBeat reports a consensus rating of “Moderate Buy” and an average price target of $8.08.
• MannKind’s latest quarterly revenue rose 43% year over year to $109.37 million, while earnings of a $0.01-per-share loss matched analyst expectations. Insiders have sold 111,660 shares over the past 90 days.

MannKind (NASDAQ:MNKD - Get Free Report)'s stock had its "overweight" rating restated by equities researchers at Cantor Fitzgerald in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $8.00 price target on the biopharmaceutical company's stock. Cantor Fitzgerald's target price would indicate a potential upside of 158.90% from the company's previous close.

A number of other research firms have also recently weighed in on MNKD. Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a report on Friday, October 2nd. HC Wainwright reissued a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Wells Fargo & Company cut their price objective on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Wall Street Zen lowered shares of MannKind from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Truist Financial lowered their target price on shares of MannKind from $6.00 to $5.00 and set a "buy" rating on the stock in a research report on Wednesday, October 7th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, MannKind presently has an average rating of "Moderate Buy" and a consensus price target of $8.08.

MannKind Trading Up 1.6%

MNKD stock opened at $3.09 on Tuesday. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51. The company's 50 day moving average is $3.71 and its two-hundred day moving average is $3.58. The stock has a market cap of $993.56 million, a P/E ratio of -23.77 and a beta of 1.09.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $109.37 million for the quarter, compared to analyst estimates of $108.08 million. During the same period in the previous year, the business posted $0.05 EPS. The firm's revenue for the quarter was up 43.0% compared to the same quarter last year. On average, equities research analysts predict that MannKind will post -0.20 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Steven Binder sold 39,051 shares of the stock in a transaction on Friday, September 25th. The shares were sold at an average price of $3.29, for a total transaction of $128,477.79. Following the completion of the sale, the director owned 713,258 shares in the company, valued at $2,346,618.82. This represents a 5.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 111,660 shares of company stock worth $414,881. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of MannKind

Large investors have recently bought and sold shares of the business. AdvisorNet Financial Inc acquired a new stake in MannKind during the 3rd quarter worth $39,000. Corient Private Wealth LP acquired a new stake in MannKind during the 2nd quarter worth $47,000. Allworth Financial LP boosted its stake in MannKind by 2,013.4% during the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company's stock worth $47,000 after purchasing an additional 10,550 shares during the period. Krilogy Financial LLC purchased a new position in MannKind in the 1st quarter valued at $28,000. Finally, Independent Financial Group LLC purchased a new position in MannKind in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 49.55% of the company's stock.

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).