MannKind (NASDAQ:MNKD) Trading Up 7.5% – Here’s What Happened

MannKind Corporation (NASDAQ:MNKD) shares were up 7.5% during trading on Thursday . The stock traded as high as $4.40 and last traded at $4.3550. 1,438,176 shares traded hands during trading, a decline of 74% from the average daily volume of 5,630,342 shares. The stock had previously closed at $4.05.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MNKD. Wells Fargo & Company set a $11.00 price target on MannKind and gave the stock an “overweight” rating in a research note on Monday, June 1st. Wedbush dropped their price objective on MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. HC Wainwright lifted their price objective on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Royal Bank Of Canada boosted their target price on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. Finally, Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.97.

MannKind Trading Up 11.2%

The firm has a market capitalization of $1.39 billion, a PE ratio of -63.49 and a beta of 1.09. The business’s 50 day simple moving average is $3.45 and its two-hundred day simple moving average is $4.09.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The firm had revenue of $90.17 million during the quarter, compared to analysts’ expectations of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the business earned $0.04 earnings per share. As a group, equities research analysts anticipate that MannKind Corporation will post -0.06 earnings per share for the current year.

Insiders Place Their Bets

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the transaction, the director owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

Large investors have recently made changes to their positions in the company. Krilogy Financial LLC purchased a new stake in shares of MannKind during the 1st quarter valued at about $28,000. Independent Financial Group LLC purchased a new position in shares of MannKind in the first quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of MannKind by 108.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 2,927 shares during the last quarter. Waverly Advisors LLC bought a new stake in MannKind during the first quarter valued at approximately $43,000. Finally, International Assets Investment Management LLC bought a new stake in MannKind during the fourth quarter valued at approximately $45,000. 49.55% of the stock is currently owned by institutional investors.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).