MannKind (NASDAQ:MNKD) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded MannKind from a “strong sell” to a “hold,” while the analyst consensus remains a “Moderate Buy” with a $8.56 average price target (7 Buys, 2 Holds, 1 Sell).
• The company reported EPS of ($0.05), missing estimates by $0.04, but revenue of $111.96M beat forecasts and rose 45.8% year‑over‑year; the stock trades around $2.75 with a market cap near $849M.
• CEO Michael Castagna bought 100,000 shares at $2.59 (a 4.04% increase to his stake), with insiders owning 2.70% of the company.

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

A number of other equities research analysts have also issued reports on MNKD. Weiss Ratings lowered shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research note on Monday, March 2nd. Mizuho cut their price target on shares of MannKind from $10.00 to $8.00 and set an "outperform" rating on the stock in a report on Monday. HC Wainwright restated a "buy" rating and set a $11.00 price target on shares of MannKind in a report on Wednesday, February 25th. Wedbush cut their price target on shares of MannKind from $10.00 to $8.00 and set an "outperform" rating on the stock in a report on Thursday, March 5th. Finally, Wells Fargo & Company cut their price target on shares of MannKind from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Friday, February 27th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $8.56.

MannKind Stock Down 0.7%

Shares of NASDAQ:MNKD opened at $2.75 on Wednesday. The firm has a fifty day moving average of $3.45 and a two-hundred day moving average of $4.82. The firm has a market capitalization of $849.19 million, a P/E ratio of 137.57 and a beta of 1.04. MannKind has a 12-month low of $2.23 and a 12-month high of $6.51.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.04). The company had revenue of $111.96 million for the quarter, compared to analyst estimates of $99.85 million. MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The company's quarterly revenue was up 45.8% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. Equities research analysts expect that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael Castagna bought 100,000 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the acquisition, the chief executive officer directly owned 2,575,911 shares of the company's stock, valued at $6,671,609.49. The trade was a 4.04% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MNKD. AQR Capital Management LLC raised its holdings in MannKind by 19.8% in the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company's stock worth $278,000 after acquiring an additional 9,160 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in MannKind by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock worth $1,059,000 after purchasing an additional 6,079 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in MannKind by 8.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company's stock worth $3,374,000 after purchasing an additional 53,202 shares during the last quarter. JPMorgan Chase & Co. grew its position in MannKind by 42.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company's stock worth $5,057,000 after purchasing an additional 404,842 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in MannKind by 84.8% in the 2nd quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company's stock worth $140,000 after purchasing an additional 17,150 shares during the last quarter. Institutional investors own 49.55% of the company's stock.

MannKind Company Profile

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.

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