MannKind (NASDAQ:MNKD) Given "Buy" Rating at HC Wainwright

Key Points

• Analysts at HC Wainwright have reaffirmed MannKind's (NASDAQ:MNKD) "Buy" rating with a price target of $11.00, indicating a potential upside of 125.55% from its current price.
• MannKind's recent financial performance showed a 5.7% year-over-year revenue increase to $76.53 million, with an EPS of $0.05 for the last quarter, surpassing expectations.
• Insider trading activity has seen notable sales, with insider Stuart A. Tross selling 47,000 shares, reflecting a 4.36% decrease in their ownership position.

MannKind (NASDAQ:MNKD - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $11.00 price objective on the biopharmaceutical company's stock. HC Wainwright's target price indicates a potential upside of 125.55% from the stock's current price.

Several other research firms have also commented on MNKD. Royal Bank Of Canada boosted their price target on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Oppenheimer lifted their price objective on MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Wells Fargo & Company lifted their price objective on MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Zacks Research upgraded MannKind from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Finally, Leerink Partners assumed coverage on MannKind in a report on Friday. They set an "outperform" rating and a $9.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.86.

MannKind Stock Performance

MannKind stock opened at $4.88 on Monday. The stock's 50 day moving average price is $4.81 and its 200 day moving average price is $4.46. The firm has a market capitalization of $1.50 billion, a PE ratio of 44.34 and a beta of 1.08. MannKind has a one year low of $3.38 and a one year high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly 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 analyst estimates of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.MannKind's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 EPS. On average, analysts forecast that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Stuart A. Tross sold 47,000 shares of the business's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total value of $250,980.00. Following the completion of the sale, the insider directly owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. The trade was a 4.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven B. Binder sold 75,367 shares of the business'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 sale, the director owned 830,508 shares of the company's stock, valued at $3,272,201.52. This trade represents a 8.32% 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 insiders.

Institutional Investors Weigh In On MannKind

A number of institutional investors have recently made changes to their positions in MNKD. Rhumbline Advisers increased its holdings in shares of MannKind by 4.4% in the 1st quarter. Rhumbline Advisers now owns 399,033 shares of the biopharmaceutical company's stock valued at $2,007,000 after acquiring an additional 16,807 shares during the last quarter. SG Americas Securities LLC boosted its position in MannKind by 223.2% during the 1st quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company's stock valued at $460,000 after purchasing an additional 63,209 shares during the period. Sowell Financial Services LLC acquired a new position in MannKind during the 1st quarter valued at approximately $56,000. Cambridge Investment Research Advisors Inc. acquired a new position in MannKind during the 1st quarter valued at approximately $248,000. Finally, Palumbo Wealth Management LLC boosted its position in MannKind by 29.0% during the 1st quarter. Palumbo Wealth Management LLC now owns 97,517 shares of the biopharmaceutical company's stock valued at $491,000 after purchasing an additional 21,899 shares during the period. 49.55% of the stock is currently owned by institutional investors.

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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