Royal Bank Of Canada Cuts MannKind (NASDAQ:MNKD) Price Target to $7.00

Key Points

• Royal Bank of Canada has lowered its target price for MannKind (NASDAQ:MNKD) from $8.00 to $7.00, indicating a potential upside of 102.60% from the stock's previous close.
• MannKind reported earnings of $0.05 earnings per share, surpassing the consensus estimate of $0.04, with revenue of $76.53 million, slightly short of expectations.
• Insider trading activity included notable sales, such as Director Steven B. Binder selling 75,367 shares, reducing his stake by 8.32%.

MannKind (NASDAQ:MNKD - Get Free Report) had its price target dropped by analysts at Royal Bank Of Canada from $8.00 to $7.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 104.86% from the stock's previous close.

Other equities analysts have also issued research reports about the company. HC Wainwright upgraded MannKind to a "buy" rating and set a $9.00 price target on the stock in a research note on Wednesday, July 16th. Mizuho started coverage on MannKind in a research note on Thursday, April 10th. They issued an "outperform" rating and a $12.00 target price on the stock. Finally, Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $9.71.

MannKind Price Performance

Shares of NASDAQ:MNKD traded down $0.10 on Thursday, hitting $3.42. 3,135,519 shares of the company's stock were exchanged, compared to its average volume of 2,364,033. MannKind has a 12 month low of $3.38 and a 12 month high of $7.63. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 31.07 and a beta of 1.02. The business's 50 day simple moving average is $3.87 and its two-hundred day simple moving average is $4.62.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping 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 business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. During the same period last year, the company earned $0.05 earnings per share. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts forecast that MannKind will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP David Thomson sold 32,179 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the transaction, the executive vice president directly owned 772,427 shares in the company, valued at $3,614,958.36. The trade was a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value 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. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 266,198 shares of company stock valued at $1,143,244 over the last 90 days. Company insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in shares of MannKind during the 4th quarter worth $37,000. Quaker Wealth Management LLC raised its holdings in shares of MannKind by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company's stock worth $26,000 after acquiring an additional 14,000 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 6,896 shares during the period. Kovitz Investment Group Partners LLC purchased a new position in shares of MannKind during the 4th quarter worth $65,000. Finally, Blueshift Asset Management LLC purchased a new position in shares of MannKind during the 1st quarter worth $51,000. Hedge funds and other institutional investors 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.