MannKind (NASDAQ:MNKD) Trading 4.3% Higher - What's Next?

Key Points

• MannKind Corporation's stock has seen a 4.3% increase, trading at $3.98, although the trading volume has decreased by 45% compared to its average.
• Equities analysts have mixed ratings on MannKind, with HC Wainwright setting a target price of $9.00, while Royal Bank of Canada reduced its target from $8.00 to $7.00.
• The company reported a $0.05 earnings per share for the last quarter, surpassing estimates, but posted a revenue of $76.53 million, which was below expectations.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) traded up 4.3% during mid-day trading on Tuesday . The company traded as high as $3.96 and last traded at $3.98. 1,300,231 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 2,375,245 shares. The stock had previously closed at $3.81.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. HC Wainwright raised shares of MannKind to a "buy" rating and set a $9.00 target price on the stock in a report on Wednesday, July 16th. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Royal Bank Of Canada reduced their price objective on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to MarketBeat, MannKind presently has an average rating of "Buy" and an average price target of $9.71.

MannKind Price Performance

The company has a market cap of $1.22 billion, a P/E ratio of 36.00 and a beta of 1.02. The company has a fifty day simple moving average of $3.78 and a 200-day simple moving average of $4.52.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (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 company had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.82 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. The firm's revenue was up 5.7% on a year-over-year basis. On average, analysts anticipate that MannKind Corporation will post 0.1 EPS for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the business's 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 sale, the director directly owned 830,508 shares of the company's stock, valued at $3,272,201.52. The trade was a 8.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds have recently modified their holdings of MNKD. Nuveen LLC acquired a new position in shares of MannKind in the first quarter worth $17,011,000. Millennium Management LLC increased 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 worth $29,288,000 after acquiring an additional 2,375,198 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of MannKind in the fourth quarter worth $10,229,000. Vanguard Group Inc. boosted its holdings in MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock worth $87,131,000 after purchasing an additional 1,263,622 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in MannKind by 40.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,958,219 shares of the biopharmaceutical company's stock worth $19,022,000 after purchasing an additional 855,261 shares in the last quarter. 49.55% of the stock is 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.

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