MannKind Corporation (NASDAQ:MNKD) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts give MannKind a “Moderate Buy” consensus: Seven of ten analysts rate the stock a buy, while one recommends holding and two recommend selling. The average 12-month price target is $8.34, well above the reported $3.55 share price.
• Institutional ownership increased: Wellington Management more than doubled its stake, while several other investment firms also added shares. Institutional investors and hedge funds collectively own 49.55% of MannKind.
• Revenue growth remained strong despite ongoing losses: Second-quarter revenue rose 43% year over year to $109.37 million, matching the EPS consensus at a $0.01 loss per share. The company continues to report negative profitability, with analysts expecting a full-year loss of $0.20 per share.

Shares of MannKind Corporation (NASDAQ:MNKD - Get Free Report) have received an average recommendation of "Moderate Buy" from the ten analysts that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $8.3438.

MNKD has been the subject of several research reports. 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 report on Wednesday, July 8th. Wells Fargo & Company dropped their price objective on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. HC Wainwright restated a "buy" rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Wall Street Zen downgraded shares of MannKind from a "hold" rating to a "sell" rating in a report on Saturday, August 8th.

Insider Transactions at MannKind

In other news, Director Steven Binder sold 33,558 shares of the business's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $3.81, for a total transaction of $127,855.98. Following the completion of the sale, the director owned 752,309 shares in the company, valued at $2,866,297.29. The trade was a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by company insiders.

Institutional Trading of MannKind

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock valued at $33,419,000 after buying an additional 4,561,628 shares in the last quarter. Frazier Life Sciences Management L.P. increased its position in MannKind by 11.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company's stock worth $28,116,000 after buying an additional 700,000 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of MannKind by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock worth $12,134,000 after buying an additional 509,692 shares in the last quarter. 180 Wealth Advisors LLC lifted its holdings in shares of MannKind by 45.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock worth $10,515,000 after buying an additional 1,332,759 shares in the last quarter. Finally, Braidwell LP bought a new stake in shares of MannKind in the second quarter valued at about $14,733,000. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Stock Down 0.3%

NASDAQ:MNKD opened at $3.55 on Thursday. The stock's 50 day moving average price is $3.97 and its two-hundred day moving average price is $3.46. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -27.31 and a beta of 1.10. MannKind has a 12-month low of $2.23 and a 12-month high of $6.51.

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

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).

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.