MannKind (NASDAQ:MNKD – Get Free Report)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They presently have a $8.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald‘s price target suggests a potential upside of 162.30% from the company’s current price.
Other analysts have also recently issued reports about the company. Wall Street Zen cut MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Chardan Capital started coverage on shares of MannKind in a research note on Monday. They issued a “buy” rating and a $10.00 price target on the stock. Truist Financial cut their price objective on shares of MannKind from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, October 7th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company lowered their target price on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.08.
Read Our Latest Stock Report on MannKind
MannKind Trading Down 1.6%
NASDAQ MNKD traded down $0.05 on Tuesday, reaching $3.05. The company’s stock had a trading volume of 2,795,438 shares, compared to its average volume of 5,211,931. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The firm has a market cap of $980.70 million, a PE ratio of -23.46 and a beta of 1.09. The business has a 50-day moving average price of $3.70 and a 200 day moving average price of $3.59.
MannKind (NASDAQ:MNKD – Get Free Report) last announced its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $109.37 million for the quarter, compared to analyst estimates of $108.08 million. During the same quarter last year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. Analysts anticipate that MannKind will post -0.20 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other MannKind news, Director Steven Binder sold 39,051 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $4.06, for a total transaction of $158,547.06. Following the transaction, the director owned 785,867 shares in the company, valued at $3,190,620.02. This trade represents a 4.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 111,660 shares of company stock worth $414,881. 2.60% of the stock is owned by company insiders.
Institutional Trading of MannKind
A number of institutional investors have recently modified their holdings of the stock. AdvisorNet Financial Inc purchased a new position in MannKind during the 3rd quarter valued at approximately $39,000. Corient Private Wealth LP bought a new stake in MannKind in the 2nd quarter worth approximately $47,000. Allworth Financial LP raised its holdings in shares of MannKind by 2,013.4% during the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 10,550 shares in the last quarter. Krilogy Financial LLC purchased a new stake in shares of MannKind during the 1st quarter worth approximately $28,000. Finally, Independent Financial Group LLC bought a new position in shares of MannKind during the 1st quarter valued at approximately $31,000. 49.55% of the stock is currently owned by 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. 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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