Brokerages Expect MannKind Co. (NASDAQ:MNKD) Will Post Quarterly Sales of $20.54 Million

Wall Street brokerages expect MannKind Co. (NASDAQ:MNKD) to report sales of $20.54 million for the current quarter, Zacks reports. Three analysts have provided estimates for MannKind’s earnings, with estimates ranging from $19.40 million to $21.11 million. MannKind posted sales of $15.35 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 33.8%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, November 3rd.

On average, analysts expect that MannKind will report full-year sales of $79.67 million for the current year, with estimates ranging from $78.30 million to $81.11 million. For the next financial year, analysts expect that the company will post sales of $86.02 million, with estimates ranging from $64.10 million to $113.67 million. Zacks’ sales averages are an average based on a survey of research firms that cover MannKind.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Tuesday, August 10th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.01). The firm had revenue of $23.28 million for the quarter, compared to the consensus estimate of $17.76 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share.

MNKD has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of MannKind in a research report on Monday, August 23rd. Zacks Investment Research downgraded MannKind from a “hold” rating to a “sell” rating in a research note on Tuesday, August 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, MannKind currently has a consensus rating of “Buy” and an average target price of $6.20.

MNKD stock traded down $0.04 during midday trading on Monday, reaching $5.33. 66,516 shares of the company’s stock traded hands, compared to its average volume of 4,092,806. The firm has a market capitalization of $1.33 billion, a PE ratio of -15.31 and a beta of 1.97. The company has a 50-day moving average price of $4.58 and a two-hundred day moving average price of $4.45. MannKind has a 52 week low of $1.87 and a 52 week high of $6.25.

Several institutional investors have recently added to or reduced their stakes in MNKD. Morgan Stanley boosted its stake in MannKind by 199.2% during the second quarter. Morgan Stanley now owns 1,599,156 shares of the biopharmaceutical company’s stock valued at $8,715,000 after buying an additional 1,064,607 shares during the period. Wells Fargo & Company MN increased its stake in MannKind by 5.5% in the 2nd quarter. Wells Fargo & Company MN now owns 985,839 shares of the biopharmaceutical company’s stock worth $5,373,000 after acquiring an additional 51,400 shares during the last quarter. Metropolitan Life Insurance Co NY raised its holdings in shares of MannKind by 145,008.9% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 65,299 shares of the biopharmaceutical company’s stock valued at $356,000 after acquiring an additional 65,254 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of MannKind by 6.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 97,693 shares of the biopharmaceutical company’s stock valued at $532,000 after acquiring an additional 5,986 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of MannKind by 19.9% during the 2nd quarter. Prudential Financial Inc. now owns 19,265 shares of the biopharmaceutical company’s stock valued at $105,000 after acquiring an additional 3,200 shares during the last quarter. 43.64% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Company Profile

MannKind Corp. operates as a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Westlake Village, CA.

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Earnings History and Estimates for MannKind (NASDAQ:MNKD)

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