MannKind Corporation (NASDAQ:MNKD) Receives $11.17 Average Target Price from Brokerages

MannKind Corporation (NASDAQ:MNKD) has been assigned an average recommendation of “Buy” from the seven ratings firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $11.1667.

Several analysts recently issued reports on MNKD shares. Oppenheimer lifted their target price on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, September 5th. Royal Bank Of Canada lifted their target price on MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 26th. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research note on Saturday, September 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price objective on shares of MannKind in a research note on Thursday, September 18th.

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 75,367 shares of MannKind 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 sale, the director owned 830,508 shares of the company’s stock, valued at $3,272,201.52. The trade was a 8.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Stuart A. Tross sold 47,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total value of $250,980.00. Following the transaction, the insider directly owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in MannKind by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after acquiring an additional 1,263,622 shares during the period. Geode Capital Management LLC boosted its holdings in MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after acquiring an additional 831,478 shares during the period. Millennium Management LLC boosted its holdings in MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock valued at $29,288,000 after acquiring an additional 2,375,198 shares during the period. Qube Research & Technologies Ltd boosted its holdings in MannKind by 25.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock valued at $15,206,000 after acquiring an additional 825,608 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of MannKind in the 1st quarter worth $17,011,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Stock Down 1.7%

MNKD stock opened at $5.66 on Thursday. MannKind has a twelve month low of $3.38 and a twelve month high of $7.63. The stock has a market cap of $1.74 billion, a P/E ratio of 51.46 and a beta of 1.08. The business’s 50-day moving average price is $4.70 and its 200-day moving average price is $4.45.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. On average, equities research analysts expect that MannKind will post 0.1 earnings per share for the current fiscal year.

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.