MannKind (NASDAQ:MNKD) Coverage Initiated at Wells Fargo & Company

Equities researchers at Wells Fargo & Company initiated coverage on shares of MannKind (NASDAQ:MNKD) in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $10.00 price target on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 81.49% from the company’s previous close.

A number of other equities analysts also recently weighed in on MNKD. Royal Bank Of Canada boosted their target price on MannKind from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 26th. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $11.00 price objective on shares of MannKind in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.86.

MannKind Stock Up 0.4%

Shares of NASDAQ MNKD opened at $5.51 on Monday. MannKind has a twelve month low of $3.38 and a twelve month high of $7.63. The stock’s 50 day moving average price is $5.05 and its 200-day moving average price is $4.48. The company has a market capitalization of $1.69 billion, a PE ratio of 50.10 and a beta of 1.08.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.82 million. During the same quarter in the previous year, the business earned $0.05 EPS. The company’s revenue was up 5.7% compared to the same quarter last year. As a group, research analysts expect that MannKind will post 0.1 EPS for the current fiscal year.

Insider Transactions at MannKind

In other MannKind news, insider Stuart A. Tross sold 47,000 shares of the business’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the sale, the insider owned 1,032,013 shares of the company’s stock, valued at $5,510,949.42. The trade was a 4.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quaker Wealth Management LLC raised its holdings in MannKind by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 14,000 shares during the period. Farther Finance Advisors LLC raised its holdings in MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 6,896 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of MannKind in the second quarter worth $42,000. Master S Wealth Management Inc. purchased a new stake in shares of MannKind in the second quarter worth $44,000. Finally, Blueshift Asset Management LLC purchased a new stake in shares of MannKind in the first quarter worth $51,000. Institutional investors own 49.55% of the company’s stock.

MannKind Company Profile

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.