MannKind (NASDAQ:MNKD) Earns Overweight Rating from Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company initiated coverage on MannKind (NASDAQ:MNKD), assigning an "overweight" rating with a price target of $10.00, indicating a potential upside of 82.82% from its last closing price.
• Analyst ratings for MannKind vary, with one "Strong Buy," six "Buy," and two "Hold" ratings, leading to an average rating of "Moderate Buy" and a consensus target price of $10.86.
• MannKind reported a 5.7% year-over-year revenue increase in its recent earnings, with a quarterly revenue of $76.53 million, although it slightly missed analyst expectations of $77.82 million.

Equities researchers at Wells Fargo & Company began coverage on shares of MannKind (NASDAQ:MNKD - Get Free Report) in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage set an "overweight" rating and a $10.00 price target on the biopharmaceutical company's stock. Wells Fargo & Company's target price points to a potential upside of 82.82% from the company's previous close.

MNKD has been the topic of several other research reports. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of MannKind in a report on Wednesday, October 8th. Zacks Research upgraded shares of MannKind from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Royal Bank Of Canada raised their target price on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Finally, Leerink Partners assumed coverage on MannKind in a report on Friday, October 10th. They set an "outperform" rating and a $9.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.86.

MannKind Price Performance

MNKD opened at $5.47 on Monday. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 49.73 and a beta of 1.08. The company's 50 day simple moving average is $4.97 and its two-hundred day simple moving average is $4.47. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $76.53 million during 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 business's revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. On average, equities analysts anticipate that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stuart A. Tross sold 47,000 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total transaction of $250,980.00. Following the transaction, the insider owned 1,032,013 shares of the company's stock, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 180 Wealth Advisors LLC grew its holdings in shares of MannKind by 11.2% in the third quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company's stock valued at $15,424,000 after purchasing an additional 290,276 shares in the last quarter. CWM LLC raised its stake in shares of MannKind by 3,379.6% in the third quarter. CWM LLC now owns 18,894 shares of the biopharmaceutical company's stock valued at $101,000 after acquiring an additional 18,351 shares in the last quarter. Osaic Holdings Inc. grew its stake in MannKind by 60.6% during the 2nd quarter. Osaic Holdings Inc. now owns 59,015 shares of the biopharmaceutical company's stock worth $221,000 after purchasing an additional 22,278 shares in the last quarter. Squarepoint Ops LLC increased its holdings in MannKind by 12.3% during the 2nd quarter. Squarepoint Ops LLC now owns 1,465,824 shares of the biopharmaceutical company's stock worth $5,482,000 after purchasing an additional 161,122 shares during the period. Finally, Marex Group plc acquired a new stake in MannKind in the 2nd quarter valued at about $95,000. Hedge funds and other institutional investors own 49.55% of the company's stock.

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.

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