MannKind (NASDAQ:MNKD) Stock Price Up 7.4%

MannKind Co. (NASDAQ:MNKD)’s stock price shot up 7.4% during trading on Monday . The company traded as high as $5.56 and last traded at $5.52. 991,971 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 2,669,159 shares. The stock had previously closed at $5.14.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $6.50 price target on shares of MannKind in a research report on Thursday, May 9th. Rodman & Renshaw began coverage on MannKind in a research note on Thursday, June 13th. They issued a “buy” rating and a $8.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $8.00.

MannKind Stock Performance

The firm has a market cap of $1.47 billion, a PE ratio of 179.00 and a beta of 1.32. The company’s 50-day simple moving average is $5.33 and its two-hundred day simple moving average is $4.68.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. MannKind had a net margin of 3.78% and a negative return on equity of 3.35%. The company had revenue of $72.39 million during the quarter, compared to analyst estimates of $64.81 million. During the same period in the prior year, the business posted ($0.02) earnings per share. MannKind’s revenue for the quarter was up 48.9% on a year-over-year basis. On average, analysts expect that MannKind Co. will post 0.1 EPS for the current year.

Institutional Trading of MannKind

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after purchasing an additional 3,107,598 shares in the last quarter. Parkman Healthcare Partners LLC raised its stake in MannKind by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after buying an additional 429,677 shares in the last quarter. TSP Capital Management Group LLC lifted its holdings in MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after buying an additional 1,583,800 shares during the period. Charles Schwab Investment Management Inc. boosted its position in MannKind by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,066,844 shares of the biopharmaceutical company’s stock valued at $7,523,000 after acquiring an additional 30,433 shares in the last quarter. Finally, 180 Wealth Advisors LLC grew its holdings in shares of MannKind by 4.7% during the 2nd quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock worth $11,411,000 after acquiring an additional 91,924 shares during the period. Hedge funds and other 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.