MannKind Corporation (NASDAQ:MNKD) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is moderately positive: Ten brokerages give MannKind a consensus “Moderate Buy” rating, with seven buys, one hold and two sells. The average 12-month price target is $8.97 versus the stock’s recent price of $3.91.
• Institutional ownership has increased: Major investors including Rubric Capital, Frazier Life Sciences, State Street, UBS and Wellington Management added positions, while institutions collectively own 49.55% of MannKind.
• Recent results fell short of expectations: MannKind reported a quarterly loss of $0.05 per share versus the $0.02 loss analysts expected, and revenue of $90.17 million missed the $105.38 million consensus estimate, despite rising 15.1% year over year.

Shares of MannKind Corporation (NASDAQ:MNKD - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the ten brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $8.9688.

MNKD has been the topic of several research analyst reports. Zacks Research cut shares of MannKind from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of MannKind from a "sell" rating to a "hold" rating in a research note on Sunday, July 5th. Wells Fargo & Company set a $11.00 target price on MannKind and gave the stock an "overweight" rating in a report on Monday, June 1st. Mizuho decreased their price target on MannKind from $8.00 to $7.00 and set an "outperform" rating on the stock in a research report on Thursday, May 7th. Finally, Royal Bank Of Canada raised their price target on 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 news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MNKD. Rubric Capital Management LP bought a new position in shares of MannKind in the third quarter worth about $61,297,000. Frazier Life Sciences Management L.P. bought a new stake in shares of MannKind during the fourth quarter valued at approximately $23,956,000. State Street Corp grew its stake in shares of MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company's stock valued at $82,914,000 after purchasing an additional 3,883,071 shares during the last quarter. UBS Group AG increased its holdings in shares of MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company's stock valued at $27,896,000 after purchasing an additional 3,088,820 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of MannKind by 316.2% in the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company's stock valued at $18,622,000 after purchasing an additional 2,634,533 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $3.91 on Wednesday. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The company's fifty day moving average is $3.86 and its 200-day moving average is $3.86. The company has a market capitalization of $1.21 billion, a PE ratio of -55.85 and a beta of 1.09.

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