Royal Bank Of Canada Has Lowered Expectations for MannKind (NASDAQ:MNKD) Stock Price

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 target price decreased by Royal Bank Of Canada from $8.00 to $7.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's target price would suggest a potential upside of 102.60% from the stock's previous close.

Several other analysts also recently issued reports on MNKD. Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 price target for the company. Wall Street Zen cut shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, HC Wainwright upgraded shares of MannKind to a "buy" rating and set a $9.00 target price on the stock in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $9.71.

MannKind Stock Down 0.4%

Shares of MNKD traded down $0.02 during trading on Thursday, reaching $3.46. 1,698,755 shares of the company traded hands, compared to its average volume of 2,330,938. The stock has a 50-day simple moving average of $3.89 and a 200-day simple moving average of $4.67. The stock has a market cap of $1.05 billion, a PE ratio of 34.35 and a beta of 1.02. MannKind has a twelve month low of $3.40 and a twelve month high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. MannKind had a net margin of 10.12% and a negative return on equity of 32.41%. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period last year, the firm posted $0.05 EPS. On average, equities research analysts predict that MannKind will post 0.1 EPS for the current year.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David Thomson sold 32,179 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the transaction, the executive vice president owned 772,427 shares in the company, valued at $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 266,198 shares of company stock worth $1,143,244 in the last ninety days. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On MannKind

A number of hedge funds have recently made changes to their positions in the company. Campbell & CO Investment Adviser LLC lifted its position in MannKind by 202.2% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 46,407 shares of the biopharmaceutical company's stock valued at $174,000 after purchasing an additional 31,051 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of MannKind during the 2nd quarter worth approximately $254,000. Los Angeles Capital Management LLC lifted its stake in MannKind by 68.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company's stock valued at $1,636,000 after purchasing an additional 177,440 shares during the last quarter. Simon Quick Advisors LLC acquired a new stake in shares of MannKind during the 2nd quarter worth about $180,000. Finally, Quaker Wealth Management LLC grew its holdings in MannKind by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company's stock valued at $26,000 after buying an additional 14,000 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company's stock.

About MannKind

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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