MannKind (NASDAQ:MNKD) Upgraded at Zacks Research

Key Points

• MannKind was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, reflecting improved analyst sentiment towards the company.
• Shares of MannKind opened at $5.65 and have shown a 12-month range between $3.38 and $7.63, indicating potential volatility in pricing.
• Recent institutional trades show a significant increase in stakes, with Osaic Holdings boosting its investment by 60.6% in the second quarter.

MannKind (NASDAQ:MNKD - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on MNKD. Oppenheimer lifted their target price on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. Weiss Ratings reiterated a "hold (c)" rating on shares of MannKind in a research report on Saturday, September 27th. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Royal Bank Of Canada boosted their price objective on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Finally, Wells Fargo & Company upped their target price on MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $11.17.

MannKind Price Performance

NASDAQ:MNKD opened at $5.65 on Monday. The business's 50-day moving average is $4.73 and its two-hundred day moving average is $4.46. MannKind has a 12 month low of $3.38 and a 12 month high of $7.63. The firm has a market capitalization of $1.73 billion, a PE ratio of 51.37 and a beta of 1.08.

MannKind (NASDAQ:MNKD - Get Free Report) last announced 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. The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The company's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 earnings per share. Equities analysts anticipate that MannKind will post 0.1 EPS for the current year.

Insider Transactions at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 47,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the completion of the sale, the insider directly owned 1,032,013 shares of the company's stock, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their position. The disclosure for this sale can be found here. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. boosted its stake in MannKind by 60.6% in the second quarter. Osaic Holdings Inc. now owns 59,015 shares of the biopharmaceutical company's stock valued at $221,000 after acquiring an additional 22,278 shares during the last quarter. Squarepoint Ops LLC lifted its position in MannKind by 12.3% in the 2nd quarter. Squarepoint Ops LLC now owns 1,465,824 shares of the biopharmaceutical company's stock valued at $5,482,000 after acquiring an additional 161,122 shares in the last quarter. Marex Group plc bought a new stake in MannKind in the 2nd quarter valued at $95,000. Tower Research Capital LLC TRC increased its stake in MannKind by 1,738.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 27,224 shares of the biopharmaceutical company's stock valued at $102,000 after buying an additional 25,743 shares during the last quarter. Finally, Scopia Capital Management LP acquired a new position in shares of MannKind during the 2nd quarter worth about $2,599,000. 49.55% of the stock is owned by institutional investors.

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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