MannKind Corporation (NASDAQ:MNKD) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is cautiously positive: MannKind has an average rating of “Moderate Buy” from 10 covering analysts, with seven buy ratings, two holds, and one sell. The average 1-year price target is about $8.97.
• Recent results were mixed: The company reported a quarterly loss of $0.05 per share, missing expectations, and revenue of $90.17 million, also below estimates. However, revenue still rose 15.1% year over year.
• Insiders and institutions remain active: Director Steven B. Binder sold shares to cover tax withholding obligations, while several hedge funds increased their stakes. Institutional investors now own about 49.55% of MannKind’s stock.

Shares of MannKind Corporation (NASDAQ:MNKD - Get Free Report) have been given an average recommendation of "Moderate Buy" by the ten ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $8.9688.

A number of research firms have commented on MNKD. Zacks Research upgraded shares of MannKind from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 15th. Wedbush cut their price objective on shares of MannKind from $10.00 to $8.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. Mizuho cut their price objective on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a report on Thursday, May 7th. Wall Street Zen upgraded shares of MannKind from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Royal Bank Of Canada increased their price objective on shares of MannKind from $3.50 to $4.75 and gave the company a "sector perform" rating in a report on Thursday, May 7th.

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total value of $55,732.60. Following the completion of the sale, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.60% of the company's stock.

Institutional Trading of MannKind

Several hedge funds have recently made changes to their positions in MNKD. AQR Capital Management LLC grew its stake in shares of MannKind by 19.8% in the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company's stock valued at $278,000 after buying an additional 9,160 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of MannKind by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock valued at $1,059,000 after buying an additional 6,079 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of MannKind by 8.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company's stock valued at $3,374,000 after buying an additional 53,202 shares during the period. JPMorgan Chase & Co. grew its stake in shares of MannKind by 42.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company's stock valued at $5,057,000 after buying an additional 404,842 shares during the period. Finally, Prudential Financial Inc. grew its stake in shares of MannKind by 84.8% in the 2nd quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company's stock valued at $140,000 after buying an additional 17,150 shares during the period. Hedge funds and other institutional investors own 49.55% of the company's stock.

MannKind Stock Down 0.3%

MNKD opened at $3.39 on Tuesday. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51. The company has a 50-day moving average price of $3.00 and a 200 day moving average price of $4.27. The company has a market cap of $1.05 billion, a PE ratio of -48.42 and a beta of 1.13.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.03). The business had revenue of $90.17 million for the quarter, compared to analyst estimates of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business's revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 earnings per share. As a group, sell-side analysts expect that MannKind will post -0.06 earnings per share for the current year.

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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