MannKind (NASDAQ:MNKD) Raised to Buy at StockNews.com

StockNews.com upgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a buy rating in a research note published on Friday morning.

Other analysts have also issued research reports about the company. Oppenheimer increased their price objective on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Leerink Partners assumed coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, MannKind presently has a consensus rating of “Buy” and an average target price of $8.67.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $6.78 on Friday. The business’s fifty day moving average price is $6.71 and its two-hundred day moving average price is $5.84. The stock has a market cap of $1.87 billion, a PE ratio of 96.86 and a beta of 1.30. MannKind has a one year low of $3.17 and a one year high of $7.63.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the transaction, the director now owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the sale, the insider now owns 967,191 shares of the company’s stock, valued at $7,099,181.94. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 215,075 shares of company stock worth $1,482,087. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased 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 acquiring an additional 1,816 shares in the last quarter. National Bank of Canada FI boosted its position in MannKind by 14.8% during the 3rd quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock worth $136,000 after purchasing an additional 2,783 shares during the period. AQR Capital Management LLC boosted its position in MannKind by 8.1% during the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after purchasing an additional 3,214 shares during the period. The Manufacturers Life Insurance Company increased its holdings in MannKind by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock valued at $529,000 after purchasing an additional 3,374 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in MannKind by 6.0% in the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock valued at $357,000 after purchasing an additional 3,861 shares during the period. 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.