MannKind Co. (NASDAQ:MNKD) Given Average Recommendation of “Buy” by Brokerages

MannKind Co. (NASDAQ:MNKD) has been given an average rating of “Buy” by the seven analysts that are covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $8.67.

A number of equities analysts have recently commented on MNKD shares. Leerink Partners started coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, Oppenheimer boosted their price objective on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th.

Insider Activity at MannKind

In related news, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the transaction, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at $6,385,654.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Steven B. Binder sold 5,055 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the sale, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at approximately $6,385,654.44. This represents a 0.00 % 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 this hyperlink. Also, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the sale, the insider now directly owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,161 shares of company stock valued at $1,229,095 over the last three months. 3.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Large investors have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new stake in shares of MannKind in the first quarter valued at approximately $450,000. SG Americas Securities LLC purchased a new stake in shares of MannKind during the third quarter worth approximately $546,000. Bank of New York Mellon Corp raised its stake in shares of MannKind by 14.4% during the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock worth $4,778,000 after purchasing an additional 115,390 shares during the last quarter. Millennium Management LLC raised its stake in shares of MannKind by 189.8% during the second 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 during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of MannKind during the second quarter worth approximately $1,524,000. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Price Performance

Shares of MannKind stock opened at $6.49 on Thursday. The business has a 50-day moving average of $6.18 and a 200 day moving average of $5.34. MannKind has a 12 month low of $3.17 and a 12 month high of $6.92. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 216.33 and a beta of 1.31.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The company had revenue of $72.39 million during the quarter, compared to analysts’ expectations of $64.81 million. During the same period last year, the business posted ($0.02) EPS. MannKind’s revenue for the quarter was up 48.9% on a year-over-year basis. Equities research analysts anticipate that MannKind will post 0.11 earnings per share for the current year.

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.