MannKind (NASDAQ:MNKD) Receives Buy Rating from HC Wainwright

Key Points

• MannKind's stock retains a "Buy" rating from HC Wainwright with a price target of $11.00, indicating a potential upside of 104.08%.
• The biopharmaceutical company reported a quarterly earnings per share (EPS) of $0.05, exceeding expectations, with a revenue of $76.53 million for the quarter.
• Institutional investors own approximately 49.55% of MannKind's stock, with several recent transactions reflecting significant changes in holdings among hedge funds.

HC Wainwright reissued their buy rating on shares of MannKind (NASDAQ:MNKD - Free Report) in a report released on Thursday,Benzinga reports. The brokerage currently has a $11.00 price target on the biopharmaceutical company's stock.

A number of other equities analysts have also recently issued reports on MNKD. Royal Bank Of Canada increased their price target on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Oppenheimer increased their price target on MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Wall Street Zen cut MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company increased their price target on MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $11.17.

MannKind Trading Down 3.2%

NASDAQ:MNKD traded down $0.18 on Thursday, reaching $5.43. 4,724,588 shares of the stock traded hands, compared to its average volume of 5,834,809. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 49.37 and a beta of 1.02. The company's 50 day moving average is $4.36 and its 200-day moving average is $4.44. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, equities research analysts forecast that MannKind will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the transaction, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. This trade represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stuart A. Tross sold 47,000 shares of the stock in a transaction 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 transaction, the insider owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. This 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 owned by company insiders.

Hedge Funds Weigh In On MannKind

Large investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. lifted its stake in MannKind by 145.4% during the 4th quarter. Ameriprise Financial Inc. now owns 43,685 shares of the biopharmaceutical company's stock valued at $281,000 after acquiring an additional 25,880 shares in the last quarter. Janus Henderson Group PLC lifted its stake in MannKind by 21.6% during the 4th quarter. Janus Henderson Group PLC now owns 127,763 shares of the biopharmaceutical company's stock valued at $822,000 after acquiring an additional 22,700 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MannKind by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 204,486 shares of the biopharmaceutical company's stock valued at $1,316,000 after acquiring an additional 6,750 shares in the last quarter. Man Group plc lifted its stake in MannKind by 61.4% during the 4th quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company's stock valued at $3,719,000 after acquiring an additional 219,891 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in MannKind by 33.9% during the 4th quarter. ProShare Advisors LLC now owns 88,878 shares of the biopharmaceutical company's stock valued at $571,000 after acquiring an additional 22,521 shares in the last quarter. 49.55% of the stock is currently owned by 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.