MannKind Corporation (NASDAQ:MNKD) Stock Now Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analyst consensus is “Moderate Buy”: Seven of ten analysts rate MannKind a buy, while two recommend holding and one recommends selling. The average 12-month price target is $7.84, well above the stock’s recent $3.29 price.
• Quarterly results met expectations and showed strong growth: MannKind reported adjusted EPS of $(0.01), in line with estimates, while revenue rose 43% year over year to $109.37 million.
• Insiders have been selling shares: Company insiders sold 111,660 shares worth approximately $414,881 over the past 90 days, while institutional investors own nearly half of the company’s outstanding stock.

Shares of MannKind Corporation (NASDAQ:MNKD - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the ten research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $7.84.

Several research analysts recently issued reports on the company. Wells Fargo & Company reduced their target price on MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a report on Friday, October 2nd. Wall Street Zen lowered MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. HC Wainwright restated a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Finally, Zacks Research upgraded shares of MannKind from a "strong sell" rating to a "hold" rating in a report on Monday, October 5th.

MannKind Stock Performance

NASDAQ MNKD opened at $3.29 on Monday. The firm's fifty day simple moving average is $3.82 and its two-hundred day simple moving average is $3.55. The firm has a market capitalization of $1.06 billion, a P/E ratio of -25.31 and a beta of 1.09. 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 quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $109.37 million for the quarter, compared to analysts' expectations of $108.08 million. The business's revenue for the quarter was up 43.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 EPS. As a group, sell-side analysts predict that MannKind will post -0.20 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MannKind news, Director Steven Binder sold 39,051 shares of the business's stock in a transaction that occurred 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 sale, the director owned 713,258 shares of the company's stock, valued at approximately $2,346,618.82. The trade was a 5.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 111,660 shares of company stock valued at $414,881. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Waverly Advisors LLC lifted its position in MannKind by 43.0% during the second quarter. Waverly Advisors LLC now owns 24,948 shares of the biopharmaceutical company's stock valued at $106,000 after purchasing an additional 7,498 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in MannKind by 22.1% in the first quarter. Chicago Partners Investment Group LLC now owns 42,691 shares of the biopharmaceutical company's stock valued at $105,000 after purchasing an additional 7,741 shares during the last quarter. Royal Bank of Canada boosted its holdings in MannKind by 4.8% in the first quarter. Royal Bank of Canada now owns 216,563 shares of the biopharmaceutical company's stock valued at $531,000 after purchasing an additional 9,951 shares during the last quarter. Allworth Financial LP grew its position 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. Finally, Corient Private Wealth LP acquired a new stake in MannKind during the 2nd quarter worth about $47,000. Hedge funds and other institutional investors 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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