Wedbush Reaffirms “Outperform” Rating for MannKind (NASDAQ:MNKD)

MannKind (NASDAQ:MNKD)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They currently have a $11.00 price target on the biopharmaceutical company’s stock. Wedbush’s target price suggests a potential upside of 110.12% from the stock’s current price.

MNKD has been the subject of several other reports. Wells Fargo & Company initiated coverage on MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective for the company. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $7.00 to $10.00 in a report on Thursday, December 19th. Finally, StockNews.com raised MannKind from a “hold” rating to a “buy” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $9.21.

MannKind Stock Performance

Shares of NASDAQ MNKD traded down $0.24 during trading on Thursday, reaching $5.24. The stock had a trading volume of 1,981,440 shares, compared to its average volume of 1,914,899. MannKind has a fifty-two week low of $3.86 and a fifty-two week high of $7.63. The company has a market cap of $1.44 billion, a P/E ratio of 74.64 and a beta of 1.28. The business’s 50-day moving average price is $6.04 and its 200-day moving average price is $6.28.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $76.78 million during the quarter, compared to analysts’ expectations of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. Analysts forecast that MannKind will post 0.1 EPS for the current fiscal year.

Institutional Trading of MannKind

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in MannKind by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 16,058,557 shares of the biopharmaceutical company’s stock valued at $103,257,000 after buying an additional 420,334 shares during the last quarter. State Street Corp raised its position in shares of MannKind by 0.4% in the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after buying an additional 40,338 shares during the period. Geode Capital Management LLC raised its position in shares of MannKind by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock worth $40,996,000 after buying an additional 35,346 shares during the period. Arrowstreet Capital Limited Partnership raised its position in MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after purchasing an additional 3,587,484 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its position in MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock valued at $27,450,000 after purchasing an additional 798,469 shares during the period. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.