MannKind (NASDAQ:MNKD) Stock Price Up 5.7% – Here’s Why

MannKind Co. (NASDAQ:MNKD)’s share price shot up 5.7% on Thursday . The stock traded as high as $6.30 and last traded at $6.28. 1,142,572 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 2,651,537 shares. The stock had previously closed at $5.94.

Analyst Upgrades and Downgrades

MNKD has been the topic of a number of research analyst reports. Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Wells Fargo & Company assumed coverage on shares of MannKind in a research report on Friday. They issued an “overweight” rating and a $9.00 price target on the stock. Finally, Leerink Partners initiated coverage on shares of MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $8.88.

MannKind Stock Performance

The business’s 50 day moving average price is $6.76 and its two-hundred day moving average price is $6.02. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 97.86 and a beta of 1.28.

Insider Buying and Selling

In related news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction that occurred 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 approximately $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven B. Binder sold 67,539 shares of MannKind stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the completion of the transaction, the director now owns 1,075,026 shares in the company, valued at approximately $7,267,175.76. This trade represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock valued at $1,325,587 over the last quarter. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several hedge funds have recently made changes to their positions in MNKD. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of MannKind by 22.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 1,816 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in MannKind in the 2nd quarter valued at approximately $55,000. Renaissance Technologies LLC purchased a new stake in MannKind in the 2nd quarter worth approximately $67,000. Quantinno Capital Management LP acquired a new stake in shares of MannKind during the 3rd quarter valued at $85,000. Finally, Foundations Investment Advisors LLC purchased a new position in shares of MannKind during the 3rd quarter valued at $93,000. 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.