MannKind (NASDAQ:MNKD – Get Free Report)‘s stock had its “overweight” rating reissued by stock analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $8.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald‘s price objective points to a potential upside of 162.30% from the company’s current price.
MNKD has been the subject of several other research reports. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research note on Friday, October 2nd. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Wells Fargo & Company dropped their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.08.
Read Our Latest Stock Analysis on MNKD
MannKind Trading Down 1.6%
NASDAQ:MNKD traded down $0.05 during mid-day trading on Tuesday, hitting $3.05. 2,795,438 shares of the company’s stock traded hands, compared to its average volume of 5,211,931. The firm has a 50 day moving average of $3.70 and a two-hundred day moving average of $3.59. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The firm has a market capitalization of $980.70 million, a price-to-earnings ratio of -23.46 and a beta of 1.09.
MannKind (NASDAQ:MNKD – Get Free Report) last announced its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $109.37 million for the quarter, compared to the consensus estimate of $108.08 million. During the same quarter in the previous year, the company earned $0.05 EPS. MannKind’s revenue for the quarter was up 43.0% compared to the same quarter last year. As a group, equities research analysts expect that MannKind will post -0.20 earnings per share for the current year.
Insider Activity at MannKind
In other MannKind news, Director Steven Binder sold 39,051 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $3.29, for a total value of $128,477.79. Following the completion of the sale, the director owned 713,258 shares in the company, valued at approximately $2,346,618.82. This trade represents a 5.19% 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. In the last ninety days, insiders sold 111,660 shares of company stock valued at $414,881. 2.60% of the stock is currently owned by company insiders.
Institutional Trading of MannKind
A number of hedge funds have recently modified their holdings of MNKD. TSP Capital Management Group LLC lifted its position in shares of MannKind by 5.2% in the 3rd quarter. TSP Capital Management Group LLC now owns 4,180,525 shares of the biopharmaceutical company’s stock worth $16,304,000 after acquiring an additional 207,850 shares during the period. AdvisorNet Financial Inc bought a new position in shares of MannKind during the 3rd quarter worth approximately $39,000. Sequoia Financial Advisors LLC lifted its position in shares of MannKind by 41.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock worth $297,000 after buying an additional 20,480 shares during the period. WINTON GROUP Ltd bought a new position in shares of MannKind during the 2nd quarter worth approximately $197,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of MannKind during the 2nd quarter worth approximately $78,000. Institutional investors 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. 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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