MannKind (NASDAQ:MNKD) Earns 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 published on Thursday,Benzinga reports. They currently have a $11.00 price objective on the biopharmaceutical company's stock.

A number of other analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Royal Bank Of Canada raised their price objective on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Wells Fargo & Company raised their target price on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Finally, Oppenheimer raised 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. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $11.17.

MannKind Price Performance

Shares of MannKind stock traded up $0.09 during midday trading on Thursday, hitting $5.52. The company had a trading volume of 1,426,772 shares, compared to its average volume of 2,783,428. The business's 50 day simple moving average is $4.36 and its two-hundred day simple moving average is $4.43. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63. The stock has a market cap of $1.69 billion, a PE ratio of 50.05 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last announced 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. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. During the same quarter in the previous year, the firm earned $0.05 EPS. MannKind's quarterly revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts expect that MannKind will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the transaction, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. The trade was a 8.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stuart A. Tross sold 47,000 shares of the business's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total value of $250,980.00. Following the sale, the insider 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 disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. grew its holdings in shares of MannKind by 5.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,029,319 shares of the biopharmaceutical company's stock valued at $10,207,000 after purchasing an additional 110,945 shares in the last quarter. Millennium Management LLC boosted its stake in shares of MannKind by 68.9% in the first 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 in the last quarter. PDT Partners LLC acquired a new position in MannKind during the first quarter worth about $443,000. Man Group plc raised its stake in shares of MannKind by 61.4% during the 4th quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company's stock worth $3,719,000 after buying an additional 219,891 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings 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 buying an additional 63,209 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.