MannKind (NASDAQ:MNKD) Upgraded by Zacks Research to Hold Rating

Key Points

• Zacks Research upgraded MannKind from “strong sell” to “hold,” while analyst sentiment remains mixed. Seven analysts rate the stock a Buy, two a Hold, and one a Sell, producing a consensus “Moderate Buy” rating with an average price target of $9.22.
• MannKind shares opened at $3.89, compared with a 12-month range of $2.23 to $6.51. The company’s latest quarterly results missed expectations, with a $0.05 per-share loss versus the projected $0.02 loss and revenue of $90.17 million versus estimates of $105.38 million.
• Institutional investors own approximately 49.55% of MannKind, with several major firms increasing their holdings recently. Director Steven B. Binder sold shares primarily to cover tax withholding obligations tied to vested equity awards.

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

MNKD has been the topic of several other research reports. HC Wainwright reiterated a "buy" rating on shares of MannKind in a research note on Thursday, July 23rd. Weiss Ratings restated a "sell (d)" rating on shares of MannKind in a research note on Wednesday, July 8th. Wells Fargo & Company dropped their price objective on MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday. Wall Street Zen raised MannKind from a "sell" rating to a "hold" rating in a research report on Sunday, July 5th. Finally, Mizuho reduced their target price on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, MannKind currently has an average rating of "Moderate Buy" and an average target price of $9.22.

MannKind Price Performance

MannKind stock opened at $3.89 on Wednesday. MannKind has a 12-month low of $2.23 and a 12-month high of $6.51. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -29.92 and a beta of 1.12. The firm's fifty day moving average price is $3.93 and its 200 day moving average price is $3.77.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.03). The firm had revenue of $90.17 million during the quarter, compared to analysts' expectations of $105.38 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The business's quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.04 earnings per share. Analysts forecast that MannKind will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the transaction, the director owned 808,008 shares of the company's stock, valued at approximately $2,658,346.32. This trade represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.60% of the company's stock.

Institutional Trading of MannKind

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in shares of 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of MannKind by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock valued at $1,059,000 after acquiring an additional 6,079 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of MannKind by 8.6% during 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 valued at $3,374,000 after acquiring an additional 53,202 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in MannKind by 42.7% during the second 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. lifted its stake in MannKind by 84.8% during the second 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 and hedge funds own 49.55% of the company's stock.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source