Wells Fargo & Company Forecasts Strong Price Appreciation for MannKind (NASDAQ:MNKD) Stock

Key Points

• Wells Fargo & Company raised MannKind's price target from $9.00 to $10.00, indicating a potential upside of 77.49% based on the current stock price and assigning it an "overweight" rating.
• Other brokerages, including HC Wainwright and Royal Bank of Canada, have also increased their targets for MannKind, reflecting strong bullish sentiment in the market.
• As of now, MannKind has a consensus rating of "Buy" and reports a revenue growth of 5.7% year-over-year despite not meeting analyst expectations in their latest quarter.

MannKind (NASDAQ:MNKD - Get Free Report) had its price target lifted by research analysts at Wells Fargo & Company from $9.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price objective would indicate a potential upside of 77.49% from the stock's current price.

A number of other brokerages have also commented on MNKD. HC Wainwright lifted their price target on MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday. Royal Bank Of Canada lifted their price target on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Finally, Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat.com, MannKind currently has a consensus rating of "Buy" and an average price target of $10.00.

MannKind Price Performance

Shares of MNKD opened at $5.63 on Wednesday. MannKind has a 1 year low of $3.38 and a 1 year high of $7.63. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 51.55 and a beta of 1.02. The business has a 50-day moving average of $3.90 and a 200-day moving average of $4.43.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS 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 analysts' expectations of $77.82 million. During the same quarter last year, the firm posted $0.05 earnings per share. The firm's revenue was up 5.7% on a year-over-year basis. As a group, sell-side analysts anticipate that MannKind will post 0.1 EPS for the current year.

Insider Activity

In related news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the completion of the transaction, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently modified their holdings of the company. Quaker Wealth Management LLC raised its position in MannKind by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company's stock valued at $26,000 after purchasing an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC raised its position in MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 6,896 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in MannKind during the 4th quarter valued at approximately $37,000. Sumitomo Mitsui Trust Group Inc. bought a new position in MannKind during the 2nd quarter valued at approximately $42,000. Finally, Master S Wealth Management Inc. bought a new position in MannKind during the 2nd quarter valued at approximately $44,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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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