MannKind (NASDAQ:MNKD) Given New $7.00 Price Target at Mizuho

Key Points

• Mizuho trimmed its price target on MannKind to $7.00 (from $8.00) but kept an "outperform" rating, implying about a 96.6% upside from the current share price; the consensus target is $8.44 with an average "Moderate Buy" (7 Buy / 2 Hold / 1 Sell).
• MannKind missed the quarter, reporting EPS of -$0.05 versus consensus -$0.02 and revenue of $90.17M versus $105.38M expected, although revenue rose roughly 15% year‑over‑year.
• CEO Michael Castagna bought 100,000 shares at an average of $2.59 (a ~4.0% increase in his position), and institutional investors now own about 49.6% of the stock.

MannKind (NASDAQ:MNKD - Get Free Report) had its target price reduced by research analysts at Mizuho from $8.00 to $7.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the biopharmaceutical company's stock. Mizuho's price objective indicates a potential upside of 96.63% from the company's current price.

Several other research analysts also recently issued reports on MNKD. HC Wainwright raised their price objective on shares of MannKind from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Thursday. Wedbush lowered their price objective on shares of MannKind from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Thursday, March 5th. Royal Bank Of Canada reissued a "sector perform" rating and set a $3.50 price objective (down from $7.50) on shares of MannKind in a research report on Friday, February 27th. Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Weiss Ratings downgraded shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research report on Monday, March 2nd. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $8.44.

MannKind Price Performance

Shares of NASDAQ:MNKD opened at $3.56 on Thursday. The company's fifty day moving average price is $2.77 and its 200 day moving average price is $4.60. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The firm has a market capitalization of $1.10 billion, a P/E ratio of 178.09 and a beta of 1.04.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) 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 net margin of 1.68%.The business had revenue of $90.17 million for the quarter, compared to analysts' expectations of $105.38 million. During the same period in the previous year, the business posted $0.04 earnings per share. The company's revenue for the quarter was up 15.1% on a year-over-year basis. On average, sell-side analysts anticipate that MannKind will post -0.02 EPS for the current year.

Insider Activity

In other news, CEO Michael Castagna purchased 100,000 shares of the company's stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $259,000.00. Following the completion of the purchase, the chief executive officer directly owned 2,575,911 shares in the company, valued at $6,671,609.49. The trade was a 4.04% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company's core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind's lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.

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