MannKind (NASDAQ:MNKD) Coverage Initiated at Leerink Partners

Key Points

• Leerink Partners initiated coverage on MannKind (NASDAQ: MNKD) with an "outperform" rating and a price target of $9.00, suggesting a potential upside of 83.11% from its previous close.
• Oppenheimer increased its price target for MannKind from $12.00 to $15.00, while Zacks Research upgraded its rating from "strong sell" to "hold".
• Insider trading data reveals significant stock sales by directors, including Steven B. Binder, who sold shares valued at nearly $300,000, indicating a slight decrease in insider ownership.

Investment analysts at Leerink Partners started coverage on shares of MannKind (NASDAQ:MNKD - Get Free Report) in a note issued to investors on Friday. The firm set an "outperform" rating and a $9.00 price target on the biopharmaceutical company's stock. Leerink Partners' target price would indicate a potential upside of 83.11% from the stock's previous close.

Several other analysts have also weighed in on the company. Oppenheimer upped their price objective on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, September 5th. Zacks Research raised shares of MannKind from a "strong sell" rating to a "hold" rating in a report on Monday. Royal Bank Of Canada raised their price objective on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Tuesday, August 26th. HC Wainwright reiterated a "buy" rating and issued a $11.00 target price on shares of MannKind in a report on Thursday, September 18th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of MannKind in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.86.

MannKind Stock Performance

Shares of NASDAQ:MNKD traded down $0.23 during trading on Friday, reaching $4.92. The company had a trading volume of 507,275 shares, compared to its average volume of 2,887,762. The firm's fifty day moving average is $4.79 and its 200 day moving average is $4.47. The firm has a market capitalization of $1.51 billion, a PE ratio of 44.67 and a beta of 1.08. MannKind has a twelve month low of $3.38 and a twelve month high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its 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. The firm had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 earnings per share. Equities analysts predict that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the transaction, the director owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. This trade represents a 8.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 sale, the insider directly owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. This trade represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of MannKind

A number of hedge funds have recently made changes to their positions in MNKD. Nuveen LLC acquired a new position in MannKind in the 1st quarter valued at approximately $17,011,000. Millennium Management LLC lifted its holdings in shares of MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock valued at $29,288,000 after buying an additional 2,375,198 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 buying an additional 1,263,622 shares during the last quarter. Geode Capital Management LLC grew its position in MannKind by 12.3% in the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company's stock worth $28,494,000 after acquiring an additional 831,478 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in shares of MannKind by 25.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company's stock valued at $15,206,000 after purchasing an additional 825,608 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

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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