MannKind Corporation (NASDAQ:MNKD) Given Consensus Rating of "Buy" by Brokerages

MannKind Corporation (NASDAQ:MNKD - Get Free Report) has earned a consensus rating of "Buy" from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $10.14.

MNKD has been the topic of several research analyst reports. Wall Street Zen raised MannKind from a "hold" rating to a "buy" rating in a research report on Friday. HC Wainwright raised MannKind to a "buy" rating and set a $9.00 price target on the stock in a research report on Wednesday. Finally, Mizuho started coverage on MannKind in a research report on Thursday, April 10th. They set an "outperform" rating and a $12.00 price target on the stock.

Insider Activity at MannKind

In other MannKind news, Director Steven B. Binder sold 80,144 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total value of $375,875.36. Following the sale, the director directly owned 1,006,611 shares of the company's stock, valued at approximately $4,721,005.59. This trade represents a 7.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Thomson sold 32,179 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the sale, the executive vice president directly owned 772,427 shares in the company, valued at approximately $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 266,198 shares of company stock valued at $1,143,244. 2.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership boosted its stake in MannKind by 275.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock worth $31,427,000 after buying an additional 3,587,484 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in MannKind by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,270,106 shares of the biopharmaceutical company's stock valued at $14,597,000 after purchasing an additional 45,277 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in MannKind in the fourth quarter valued at $343,000. Cibc World Markets Corp purchased a new stake in MannKind in the fourth quarter valued at $162,000. Finally, Gotham Asset Management LLC raised its position in MannKind by 22.4% in the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company's stock valued at $341,000 after purchasing an additional 9,717 shares during the period. Institutional investors and hedge funds own 49.55% of the company's stock.

MannKind Stock Performance

Shares of MNKD traded down $0.14 during mid-day trading on Friday, hitting $3.76. 2,310,832 shares of the stock were exchanged, compared to its average volume of 2,432,801. The company has a market cap of $1.14 billion, a PE ratio of 37.60 and a beta of 0.96. MannKind has a 52-week low of $3.51 and a 52-week high of $7.63. The firm has a 50-day moving average of $4.02 and a two-hundred day moving average of $4.87.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. The business had revenue of $78.35 million for the quarter, compared to analysts' expectations of $75.86 million. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. The company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. On average, sell-side analysts predict that MannKind will post 0.1 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.