Brokerages Set MannKind Corporation (NASDAQ:MNKD) PT at $10.06

MannKind Corporation (NASDAQ:MNKD) has earned a consensus rating of “Buy” from the ten research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $10.0625.

MNKD has been the topic of several recent research reports. Zacks Research upgraded MannKind from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research note on Thursday, January 22nd. Royal Bank Of Canada reduced their price objective on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. Finally, Wells Fargo & Company dropped their target price on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th.

Insider Buying and Selling at MannKind

In other MannKind news, EVP Sanjay R. Singh sold 18,777 shares of the firm’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $5.03, for a total value of $94,448.31. Following the completion of the sale, the executive vice president directly owned 455,211 shares of the company’s stock, valued at $2,289,711.33. This trade represents a 3.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Castagna sold 107,920 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $5.57, for a total value of $601,114.40. Following the transaction, the chief executive officer directly owned 2,504,792 shares in the company, valued at approximately $13,951,691.44. The trade was a 4.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 281,623 shares of company stock valued at $1,641,289. 3.00% of the stock is owned by company insiders.

Institutional Trading of MannKind

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of MannKind by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock worth $101,385,000 after purchasing an additional 250,290 shares during the last quarter. Rubric Capital Management LP purchased a new position in MannKind during the 3rd quarter worth $61,297,000. Geode Capital Management LLC lifted its stake in shares of MannKind by 12.3% in the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after acquiring an additional 831,478 shares during the period. UBS Group AG boosted its holdings in shares of MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after acquiring an additional 3,088,820 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in shares of MannKind by 25.5% during the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock worth $15,206,000 after acquiring an additional 825,608 shares during the period. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Stock Down 1.4%

Shares of MNKD opened at $5.83 on Wednesday. The firm has a fifty day simple moving average of $5.75 and a two-hundred day simple moving average of $5.25. The stock has a market capitalization of $1.79 billion, a P/E ratio of 58.30 and a beta of 0.84. MannKind has a twelve month low of $3.38 and a twelve month high of $6.51.

MannKind Company Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.