Brokerages expect that MannKind Co. (NASDAQ:MNKD) will announce sales of $15.43 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for MannKind’s earnings. The lowest sales estimate is $14.88 million and the highest is $15.70 million. MannKind posted sales of $15.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.9%. The business is scheduled to report its next earnings results on Wednesday, August 5th.
According to Zacks, analysts expect that MannKind will report full-year sales of $65.53 million for the current financial year, with estimates ranging from $63.30 million to $67.90 million. For the next financial year, analysts anticipate that the company will post sales of $90.33 million, with estimates ranging from $79.49 million to $110.80 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover MannKind.
MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $16.24 million for the quarter, compared to analysts’ expectations of $15.15 million.
A number of analysts have recently weighed in on the company. BidaskClub raised MannKind from a “hold” rating to a “buy” rating in a research report on Wednesday, June 24th. Oppenheimer assumed coverage on MannKind in a report on Thursday, May 28th. They issued a “buy” rating and a $2.50 target price on the stock. Zacks Investment Research lowered MannKind from a “buy” rating to a “hold” rating in a report on Wednesday, June 24th. HC Wainwright reissued a “buy” rating and issued a $2.50 target price on shares of MannKind in a report on Thursday, May 14th. Finally, ValuEngine lowered MannKind from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $2.80.
Shares of MannKind stock traded down $0.06 during trading hours on Thursday, reaching $1.75. 3,525,750 shares of the company were exchanged, compared to its average volume of 3,205,840. MannKind has a 1 year low of $0.80 and a 1 year high of $2.48. The stock’s fifty day moving average is $1.52 and its 200 day moving average is $1.37. The firm has a market cap of $375.13 million, a PE ratio of -7.61 and a beta of 2.20.
In related news, CEO Michael Castagna acquired 30,000 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was bought at an average price of $1.49 per share, for a total transaction of $44,700.00. Following the completion of the purchase, the chief executive officer now directly owns 198,560 shares of the company’s stock, valued at approximately $295,854.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.09% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNKD. Metropolitan Life Insurance Co NY acquired a new position in MannKind in the first quarter valued at $117,000. California Public Employees Retirement System boosted its stake in shares of MannKind by 174.3% during the fourth quarter. California Public Employees Retirement System now owns 314,960 shares of the biopharmaceutical company’s stock worth $406,000 after buying an additional 200,156 shares during the period. SG Americas Securities LLC acquired a new stake in shares of MannKind during the fourth quarter worth about $33,000. State Street Corp boosted its stake in shares of MannKind by 2.7% during the fourth quarter. State Street Corp now owns 3,421,541 shares of the biopharmaceutical company’s stock worth $4,414,000 after buying an additional 90,583 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of MannKind by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,192,478 shares of the biopharmaceutical company’s stock worth $1,539,000 after buying an additional 75,811 shares during the period. Institutional investors own 24.45% of the company’s stock.
MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for diabetes and pulmonary arterial hypertension patients. It offers Afrezza, a dry powder formulation of human insulin that controls high blood sugar in adults with type 1 and type 2 diabetes in the United States.
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