MannKind Co. (NASDAQ:MNKD) Receives $9.07 Consensus PT from Analysts

Shares of MannKind Co. (NASDAQ:MNKD) have been assigned a consensus rating of “Buy” from the eight ratings firms that are currently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $9.07.

A number of brokerages have commented on MNKD. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Finally, Wells Fargo & Company initiated coverage on shares of MannKind in a research note on Friday, December 20th. They set an “overweight” rating and a $9.00 price target for the company.

MannKind Stock Performance

MNKD opened at $6.11 on Friday. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 87.29 and a beta of 1.29. The company has a fifty day moving average of $6.43 and a 200 day moving average of $6.28. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $70.08 million during the quarter, compared to analysts’ expectations of $77.27 million. On average, equities research analysts forecast that MannKind will post 0.1 earnings per share for the current year.

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 67,536 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value of $465,323.04. Following the sale, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This represents a 5.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 190,075 shares of company stock worth $1,325,587 in the last 90 days. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,816 shares during the period. Renaissance Technologies LLC acquired a new position in MannKind during the second quarter worth $67,000. Quantinno Capital Management LP acquired a new position in MannKind during the third quarter worth $85,000. Foundations Investment Advisors LLC acquired a new position in MannKind during the third quarter worth $93,000. Finally, nVerses Capital LLC acquired a new position in MannKind during the third quarter worth $114,000. 49.55% of the stock is currently 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.