Zacks Research Upgrades MannKind (NASDAQ:MNKD) to "Hold"

Key Points

• Zacks Research upgraded MannKind from “strong sell” to “hold,” while analyst opinions remain mixed. The stock has a consensus “Moderate Buy” rating and an average price target of $8.34.
• MannKind shares opened at $3.71, down 2.9%, with a market capitalization of approximately $1.19 billion. The stock has traded between $2.23 and $6.51 over the past year.
• The company’s latest quarterly results met expectations, with a loss of $0.01 per share and revenue of $109.37 million, up 43% year over year. Insiders have sold 111,660 shares over the past 90 days.

MannKind (NASDAQ:MNKD - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

MNKD has been the topic of a number of other reports. Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a research note on Friday. Wells Fargo & Company decreased their target price on MannKind from $14.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Wall Street Zen downgraded MannKind from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. HC Wainwright reissued a "buy" rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $8.00 price target on shares of MannKind in a report on Friday, September 11th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, MannKind currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.34.

MannKind Stock Down 2.9%

Shares of NASDAQ MNKD opened at $3.71 on Monday. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51. The firm has a fifty day simple moving average of $3.85 and a 200 day simple moving average of $3.53. The company has a market capitalization of $1.19 billion, a PE ratio of -28.54 and a beta of 1.09.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting analysts' consensus estimates of ($0.01). The firm had revenue of $109.37 million for the quarter, compared to the consensus estimate of $108.08 million. During the same period last year, the company posted $0.05 EPS. The business's revenue was up 43.0% compared to the same quarter last year. As a group, equities analysts expect that MannKind will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MannKind news, Director Steven Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the transaction, the director owned 785,867 shares in the company, valued at approximately $3,190,620.02. This represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 111,660 shares of company stock worth $414,881. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MannKind

A number of institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC raised its position in shares of MannKind by 41.6% during the second quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company's stock worth $297,000 after purchasing an additional 20,480 shares during the period. WINTON GROUP Ltd acquired a new stake in MannKind in the 2nd quarter valued at $197,000. Integrated Wealth Concepts LLC bought a new stake in MannKind during the 2nd quarter valued at $78,000. Squarepoint Ops LLC bought a new stake in MannKind during the 2nd quarter valued at $1,760,000. Finally, Allworth Financial LP raised its holdings in MannKind by 2,013.4% during the second quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 10,550 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.