Analysts Set MannKind Corporation (NASDAQ:MNKD) PT at $8.34

Shares of MannKind Corporation (NASDAQ:MNKD) have been given an average recommendation of “Moderate Buy” by the ten analysts that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $8.3438.

A number of research analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price target on shares of MannKind in a research report on Friday, September 11th. Finally, Zacks Research downgraded MannKind from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd.

Insider Activity

In other news, Director Steven Binder sold 33,558 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $3.81, for a total value of $127,855.98. Following the completion of the transaction, the director directly owned 752,309 shares in the company, valued at approximately $2,866,297.29. This trade represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently bought and sold shares of the company. Krilogy Financial LLC bought a new position in MannKind in the 1st quarter valued at $28,000. Independent Financial Group LLC bought a new position in shares of MannKind in the first quarter worth $31,000. Waverly Advisors LLC purchased a new stake in shares of MannKind in the first quarter worth $43,000. Discipline Wealth Solutions LLC purchased a new stake in shares of MannKind in the first quarter worth $45,000. Finally, Allworth Financial LP boosted its stake in MannKind by 2,013.4% during the second quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock valued at $47,000 after buying an additional 10,550 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Performance

Shares of MannKind stock opened at $3.54 on Thursday. The stock has a market capitalization of $1.14 billion, a P/E ratio of -27.23 and a beta of 1.10. MannKind has a 52-week low of $2.23 and a 52-week high of $6.51. The stock’s 50-day simple moving average is $3.95 and its 200 day simple moving average is $3.46.

MannKind (NASDAQ:MNKD) last issued its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The firm had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. During the same quarter last year, the business earned $0.05 earnings per share. The company’s quarterly revenue was up 43.0% on a year-over-year basis. Equities research analysts forecast that MannKind will post -0.2 EPS for the current fiscal year.

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. 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).