MannKind Corporation (NASDAQ:MNKD) Given Average Rating of "Buy" by Analysts

Key Points

• MannKind Corporation (NASDAQ:MNKD) has received an average rating of "Buy" from six analysts, with five recommending a buy and one a strong buy, and an average price target of $11.17.
• Recent price target increases include Royal Bank of Canada's upgrade to $8.00 and Oppenheimer's raise to $15.00, reflecting positive sentiment among analysts.
• Insider trading activity shows a notable sale by Stuart A. Tross, who sold 47,000 shares at an average price of $5.34, a 4.36% decrease in his holdings.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) has received an average recommendation of "Buy" from the six analysts that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $11.1667.

A number of analysts have recently issued reports on MNKD shares. Royal Bank Of Canada raised their price target on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Wells Fargo & Company raised their price target on shares of MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. HC Wainwright reaffirmed a "buy" rating and set a $11.00 price target on shares of MannKind in a report on Thursday, September 18th. Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Oppenheimer boosted their target price on shares of MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research report on Friday, September 5th.

MannKind Stock Up 0.2%

Shares of NASDAQ MNKD opened at $5.38 on Thursday. The firm's 50-day moving average price is $4.60 and its 200-day moving average price is $4.46. The company has a market cap of $1.65 billion, a PE ratio of 48.91 and a beta of 1.08. MannKind has a 52-week low of $3.38 and a 52-week high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.82 million. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 EPS. As a group, equities research analysts anticipate that MannKind will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stuart A. Tross sold 47,000 shares of the business's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the completion of the sale, the insider owned 1,032,013 shares of the company's stock, valued at $5,510,949.42. The trade was a 4.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the sale, the director directly owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. The trade was a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

Institutional Investors Weigh In On MannKind

A number of hedge funds have recently modified their holdings of the business. Nuveen LLC purchased a new position in MannKind during the first quarter valued at approximately $17,011,000. Millennium Management LLC increased its position in MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock worth $29,288,000 after purchasing an additional 2,375,198 shares during the last quarter. Vanguard Group Inc. increased its position in MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock worth $87,131,000 after purchasing an additional 1,263,622 shares during the last quarter. Geode Capital Management LLC boosted its stake in MannKind by 12.3% during the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company's stock worth $28,494,000 after buying an additional 831,478 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in MannKind by 25.5% during the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company's stock worth $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

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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