MannKind's (MNKD) Overweight Rating Reiterated at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald reaffirmed its “overweight” rating on MannKind and set an $8.00 price target, implying 111.08% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $8.34.
• MannKind shares opened at $3.79 and were down 3.8%, trading between a 12-month low of $2.23 and high of $6.51. The company reported quarterly revenue of $109.37 million, up 43% year over year, while EPS of negative $0.01 matched expectations.
• Institutional investors own approximately 49.55% of MannKind, with recent purchases from Rubric Capital, Wellington Management, Frazier Life Sciences, State Street and Braidwell.

MannKind (NASDAQ:MNKD - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities researchers at Cantor Fitzgerald in a report released on Friday, Benzinga reports. They presently have a $8.00 price target on the biopharmaceutical company's stock. Cantor Fitzgerald's target price suggests a potential upside of 111.08% from the company's previous close.

A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Company dropped their target price on MannKind from $14.00 to $13.00 and set an "overweight" rating for the company in a report on Thursday, August 6th. Zacks Research downgraded shares of MannKind from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 3rd. HC Wainwright reaffirmed a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Weiss Ratings reiterated a "sell (d)" rating on shares of MannKind in a research note on Wednesday, July 8th. Finally, Wall Street Zen downgraded shares of MannKind from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, MannKind has an average rating of "Moderate Buy" and an average price target of $8.34.

MannKind Trading Down 3.8%

MannKind stock opened at $3.79 on Friday. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The stock's 50 day moving average is $4.03 and its 200-day moving average is $3.48. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -29.15 and a beta of 1.10.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The business had revenue of $109.37 million during the quarter, compared to analysts' expectations of $108.08 million. During the same period last year, the firm posted $0.05 EPS. The firm's revenue for the quarter was up 43.0% compared to the same quarter last year. As a group, equities research analysts predict that MannKind will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Steven Binder sold 39,051 shares of the business's 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 owned 785,867 shares of the company's stock, valued at $3,190,620.02. The trade was a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

Hedge funds have recently bought and sold shares of the company. Rubric Capital Management LP bought a new position in MannKind in the third quarter valued at approximately $61,297,000. Wellington Management Group LLP lifted its stake in MannKind by 138.9% during the second quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock worth $33,419,000 after purchasing an additional 4,561,628 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new stake in MannKind during the fourth quarter worth $23,956,000. State Street Corp boosted its holdings in shares of MannKind by 36.2% in the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company's stock valued at $82,914,000 after purchasing an additional 3,883,071 shares in the last quarter. Finally, Braidwell LP acquired a new stake in shares of MannKind in the 2nd quarter valued at $14,733,000. 49.55% of the stock is owned by institutional investors.

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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