MannKind (NASDAQ:MNKD) Stock Price Up 10.4% on Analyst Upgrade

Key Points

• MannKind Corporation's stock price surged 10.4% after Royal Bank of Canada raised its price target from $7.00 to $8.00 and maintained an outperform rating.
• The stock has a consensus rating of Buy with a target price of $9.86, despite some brokerages downgrading their ratings recently.
• MannKind reported a 5.7% increase in revenue year-over-year, with earnings per share of $0.05 surpassing estimates of $0.04.

Shares of MannKind Corporation (NASDAQ:MNKD - Get Free Report) traded up 10.4% during mid-day trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $7.00 to $8.00. Royal Bank Of Canada currently has an outperform rating on the stock. MannKind traded as high as $4.49 and last traded at $4.50. 1,795,569 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 2,406,988 shares. The stock had previously closed at $4.07.

A number of other brokerages have also issued reports on MNKD. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price target on shares of MannKind in a report on Monday. Two analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $9.86.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction on Wednesday, July 16th. The shares were 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 of the company's stock, valued at $3,272,201.52. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gotham Asset Management LLC lifted its holdings in MannKind by 22.4% during the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company's stock valued at $341,000 after purchasing an additional 9,717 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in shares of MannKind during the fourth quarter worth $10,229,000. Man Group plc grew its holdings in shares of MannKind by 61.4% during the fourth 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 in the last quarter. SG Americas Securities LLC grew its holdings in shares of MannKind by 223.2% during the first quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company's stock worth $460,000 after buying an additional 63,209 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of MannKind by 6.2% during the fourth quarter. Barclays PLC now owns 552,143 shares of the biopharmaceutical company's stock worth $3,550,000 after buying an additional 32,278 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Price Performance

The firm has a market cap of $1.38 billion, a PE ratio of 40.69 and a beta of 1.02. The stock's fifty day moving average price is $3.80 and its 200-day moving average price is $4.46.

MannKind (NASDAQ:MNKD - Get Free Report) last released its 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. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.82 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that MannKind Corporation will post 0.1 earnings per share for the current fiscal 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.

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