MannKind (NASDAQ:MNKD) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of MannKind (NASDAQ:MNKD) in a research report report published on Friday, Marketbeat reports. The firm issued an overweight rating and a $9.00 price target on the biopharmaceutical company’s stock.

A number of other research analysts have also recently issued reports on the stock. Oppenheimer lifted their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partners started coverage on MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $7.00 to $10.00 in a research report on Thursday. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, MannKind has a consensus rating of “Buy” and a consensus price target of $8.88.

MannKind Stock Performance

MNKD opened at $6.85 on Friday. MannKind has a 52-week low of $3.17 and a 52-week high of $7.63. The business’s fifty day moving average is $6.75 and its 200-day moving average is $6.01. The firm has a market cap of $1.89 billion, a P/E ratio of 97.86 and a beta of 1.28.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 67,539 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the sale, the director now owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. The trade was a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 over the last three months. 3.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of MannKind by 22.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 1,816 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of MannKind in the second quarter worth about $55,000. Renaissance Technologies LLC acquired a new stake in shares of MannKind in the second quarter worth $67,000. Quantinno Capital Management LP acquired a new stake in shares of MannKind during the 3rd quarter valued at about $85,000. Finally, Foundations Investment Advisors LLC bought a new stake in shares of MannKind during the third quarter worth $93,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.