MannKind (NASDAQ:MNKD) Shares Gap Up - Should You Buy?

Key Points

• MannKind shares gapped up premarket from $2.86 to $3.44 and last traded at $4.0360, a roughly 25.3% jump on heavy volume (~13.48M shares).
• Analyst sentiment is mixed but the consensus is a Moderate Buy with an average target of $8.69 (seven Buys, two Holds, one Sell; targets range roughly $3.50–$11).
• Insider activity: CEO Michael Castagna purchased 100,000 shares at $2.59 (adding ~4.04% to his stake), which may signal confidence from management.

MannKind Corporation (NASDAQ:MNKD - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.86, but opened at $3.44. MannKind shares last traded at $4.0360, with a volume of 13,476,478 shares traded.

Wall Street Analysts Forecast Growth

MNKD has been the subject of a number of recent research reports. Weiss Ratings downgraded MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research report on Monday, March 2nd. HC Wainwright restated a "buy" rating and issued a $11.00 target price on shares of MannKind in a research report on Wednesday, February 25th. Wells Fargo & Company boosted their target price on MannKind from $7.00 to $8.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a research report on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.69.

MannKind Stock Up 25.3%

The company has a 50-day simple moving average of $2.81 and a two-hundred day simple moving average of $4.61. The stock has a market cap of $1.11 billion, a P/E ratio of 179.34 and a beta of 1.04.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). MannKind had a negative return on equity of 11.21% and a net margin of 1.68%. As a group, sell-side analysts forecast that MannKind Corporation will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Castagna acquired 100,000 shares of the stock in a transaction on Tuesday, March 10th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the completion of the transaction, the chief executive officer owned 2,575,911 shares of the company's stock, valued at $6,671,609.49. This trade represents a 4.04% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.60% of the company's stock.

Institutional Trading of MannKind

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Level Four Advisory Services LLC lifted its position in MannKind by 12.5% in the third quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company's stock valued at $93,000 after purchasing an additional 1,925 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of MannKind by 1.4% during the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company's stock valued at $871,000 after acquiring an additional 2,201 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of MannKind by 1.2% during the fourth quarter. Aaron Wealth Advisors LLC now owns 200,763 shares of the biopharmaceutical company's stock valued at $1,138,000 after acquiring an additional 2,355 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of MannKind by 7.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company's stock valued at $189,000 after acquiring an additional 2,404 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of MannKind by 6.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company's stock valued at $220,000 after acquiring an additional 2,443 shares in the last quarter. Institutional investors own 49.55% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.