MannKind (NASDAQ:MNKD) Reaches New 52-Week High – What’s Next?

MannKind Corporation (NASDAQ:MNKD)’s share price reached a new 52-week high on Thursday . The company traded as high as $6.35 and last traded at $6.3350, with a volume of 1535683 shares traded. The stock had previously closed at $5.85.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Truist Financial set a $9.00 price objective on shares of MannKind in a research report on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Wells Fargo & Company lowered their price objective on MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. HC Wainwright reissued a “buy” rating on shares of MannKind in a research report on Monday, November 10th. Finally, Wall Street Zen upgraded MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, MannKind has an average rating of “Moderate Buy” and a consensus price target of $10.06.

MannKind Price Performance

The firm has a market cap of $1.94 billion, a price-to-earnings ratio of 63.48 and a beta of 0.81. The stock has a 50-day moving average price of $5.58 and a 200 day moving average price of $4.92.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. The company had revenue of $82.13 million for the quarter, compared to the consensus estimate of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. MannKind’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period last year, the firm posted $0.04 EPS. As a group, equities research analysts predict that MannKind Corporation will post 0.1 earnings per share for the current year.

Insider Transactions at MannKind

In other news, CEO Michael Castagna sold 107,920 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $5.57, for a total value of $601,114.40. Following the transaction, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at approximately $13,951,691.44. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sanjay R. Singh sold 18,777 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $5.03, for a total value of $94,448.31. Following the sale, the executive vice president owned 455,211 shares of the company’s stock, valued at $2,289,711.33. This trade represents a 3.96% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 234,617 shares of company stock worth $1,343,741. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On MannKind

Institutional investors have recently bought and sold shares of the company. Quaker Wealth Management LLC lifted its holdings in shares of MannKind by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 14,000 shares during the period. Farther Finance Advisors LLC grew its stake in shares of MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 6,896 shares during the period. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of MannKind in the 2nd quarter valued at about $42,000. Master S Wealth Management Inc. acquired a new stake in shares of MannKind in the second quarter valued at about $44,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in MannKind during the second quarter worth about $51,000. 49.55% of the stock is owned by institutional investors and hedge funds.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.