MannKind (NASDAQ:MNKD) Shares Gap Up on Analyst Upgrade

Key Points

• MannKind Corporation's shares surged following an upgrade by HC Wainwright, increasing their price target from $9.00 to $11.00, with the stock opening at $6.06 after closing at $4.59.
• While HC Wainwright maintains a buy rating, Wall Street Zen has downgraded the stock from "buy" to "hold," resulting in a consensus target price of $9.83.
• Insider trading revealed that Director Steven B. Binder sold 75,367 shares at $3.94, reducing his ownership by 8.32% and indicating possible caution among insiders.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) gapped up prior to trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $9.00 to $10.00. The stock had previously closed at $4.59, but opened at $6.06. Wells Fargo & Company currently has an overweight rating on the stock. MannKind shares last traded at $5.98, with a volume of 12,904,251 shares traded.

Several other equities research analysts have also weighed in on MNKD. HC Wainwright lifted their price target on MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday. Royal Bank Of Canada raised their target price on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday, August 26th. Finally, Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Two analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat, MannKind presently has an average rating of "Buy" and a consensus price target of $10.00.

Insider Buying and Selling

In other news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.70% of the company's stock.

Institutional Investors Weigh In On MannKind

Institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. raised its position in shares of MannKind by 4.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company's stock worth $306,000 after acquiring an additional 2,420 shares in the last quarter. E Fund Management Co. Ltd. grew its stake in MannKind by 11.9% during the 1st quarter. E Fund Management Co. Ltd. now owns 24,667 shares of the biopharmaceutical company's stock valued at $124,000 after purchasing an additional 2,628 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of MannKind by 9.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 30,913 shares of the biopharmaceutical company's stock valued at $116,000 after acquiring an additional 2,739 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of MannKind by 4.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company's stock valued at $291,000 after acquiring an additional 3,506 shares during the last quarter. Finally, Palumbo Wealth Management LLC grew its holdings in MannKind by 4.0% during the second quarter. Palumbo Wealth Management LLC now owns 101,438 shares of the biopharmaceutical company's stock worth $379,000 after acquiring an additional 3,921 shares during the period. 49.55% of the stock is owned by institutional investors.

MannKind Price Performance

The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 50.87 and a beta of 1.02. The firm has a fifty day moving average of $3.96 and a 200 day moving average of $4.44.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $0.05 earnings per share. Research analysts predict that MannKind Corporation will post 0.1 EPS for the current year.

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.