MannKind (NASDAQ:MNKD - Get Free Report) had its target price increased by investment analysts at HC Wainwright from $9.00 to $11.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. HC Wainwright's price target indicates a potential upside of 94.14% from the company's current price.
Several other research analysts also recently weighed in on MNKD. Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Royal Bank Of Canada increased their price target on MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $9.83.
View Our Latest Stock Report on MNKD
MannKind Stock Up 23.4%
Shares of MNKD traded up $1.08 during mid-day trading on Tuesday, hitting $5.67. The company had a trading volume of 19,508,677 shares, compared to its average volume of 2,581,283. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63. The business's 50-day simple moving average is $3.86 and its 200-day simple moving average is $4.42. The stock has a market cap of $1.74 billion, a PE ratio of 51.69 and a beta of 1.02.
MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.82 million. During the same period in the prior year, the firm posted $0.05 earnings per share. The firm's revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts expect that MannKind will post 0.1 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the completion of the transaction, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.00% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of MannKind by 7.9% during the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock valued at $87,131,000 after acquiring an additional 1,263,622 shares during the period. Geode Capital Management LLC boosted its stake in MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company's stock valued at $28,494,000 after purchasing an additional 831,478 shares in the last quarter. Millennium Management LLC raised its stake in shares of MannKind by 68.9% in the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock worth $29,288,000 after buying an additional 2,375,198 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock valued at $27,450,000 after buying an additional 798,469 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of MannKind by 25.5% in the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company's stock valued at $15,206,000 after buying an additional 825,608 shares during the period. Institutional investors own 49.55% of the company's stock.
About MannKind
(
Get Free Report)
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.
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