MannKind Corporation (NASDAQ:MNKD) Given Average Rating of “Moderate Buy” by Analysts

Shares of MannKind Corporation (NASDAQ:MNKD) have been assigned an average rating of “Moderate Buy” from the ten analysts that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $9.3438.

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. 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. Wall Street Zen raised MannKind from a “sell” rating to a “hold” rating in a report on Sunday, July 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Finally, Mizuho dropped their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th.

MannKind Price Performance

MNKD stock opened at $3.96 on Wednesday. The firm has a market cap of $1.22 billion, a PE ratio of -56.56 and a beta of 1.12. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The firm has a 50 day simple moving average of $3.91 and a 200 day simple moving average of $3.79.

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

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total value of $55,732.60. Following the completion of the transaction, the director directly owned 808,008 shares in the company, valued at $2,658,346.32. This trade represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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. AQR Capital Management LLC lifted its position in shares of MannKind by 19.8% in the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock valued at $278,000 after acquiring an additional 9,160 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in MannKind by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock worth $1,059,000 after purchasing an additional 6,079 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in MannKind by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock worth $3,374,000 after purchasing an additional 53,202 shares in the last quarter. JPMorgan Chase & Co. grew its position in MannKind by 42.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company’s stock worth $5,057,000 after purchasing an additional 404,842 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in MannKind by 84.8% during the 2nd quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company’s stock valued at $140,000 after purchasing an additional 17,150 shares during the period. Institutional investors and hedge funds 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. 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).