MannKind Corporation (NASDAQ:MNKD – Get Free Report) shares rose 6.3% during trading on Wednesday. The company traded as high as $3.42 and last traded at $3.5510. Approximately 658,726 shares were traded during trading, a decline of 87% from the average session volume of 5,199,431 shares. The stock had previously closed at $3.34.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 target price on shares of MannKind in a research note on Friday, September 11th. Zacks Research downgraded shares of MannKind from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 3rd. HC Wainwright reiterated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company lowered their price target on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.34.
Check Out Our Latest Report on MNKD
MannKind Stock Performance
MannKind (NASDAQ:MNKD – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The firm’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period last year, the business earned $0.05 EPS. On average, equities analysts forecast that MannKind Corporation will post -0.2 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the transaction, the director owned 785,867 shares in the company, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 111,660 shares of company stock worth $414,881. Company insiders own 2.60% of the company’s stock.
Institutional Investors Weigh In On MannKind
Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in MannKind by 138.9% during the second quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock worth $33,419,000 after purchasing an additional 4,561,628 shares during the last quarter. Frazier Life Sciences Management L.P. acquired a new position in shares of MannKind in the 4th quarter valued at about $23,956,000. Braidwell LP acquired a new position in shares of MannKind in the 2nd quarter valued at about $14,733,000. EcoR1 Capital LLC bought a new stake in shares of MannKind during the 4th quarter valued at about $9,412,000. Finally, 180 Wealth Advisors LLC raised its stake in MannKind by 45.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock worth $10,515,000 after acquiring an additional 1,332,759 shares during the period. 49.55% of the stock is owned by institutional investors and hedge funds.
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).
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