Cantor Fitzgerald Reaffirms “Overweight” Rating for MannKind (NASDAQ:MNKD)

MannKind (NASDAQ:MNKD)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a note issued to investors on Tuesday, Benzinga reports. They presently have a $8.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 157.65% from the stock’s current price.

A number of other research firms have also recently commented on MNKD. Wall Street Zen cut shares of MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a report on Friday, October 2nd. Wells Fargo & Company dropped their target price on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, Truist Financial dropped their target price on shares of MannKind from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.08.

MannKind Stock Performance

Shares of NASDAQ:MNKD traded up $0.02 during trading on Tuesday, reaching $3.11. 959,139 shares of the stock traded hands, compared to its average volume of 5,217,491. The stock has a 50-day moving average of $3.71 and a two-hundred day moving average of $3.58. MannKind has a 52-week low of $2.23 and a 52-week high of $6.51. The stock has a market cap of $998.38 million, a P/E ratio of -23.88 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $109.37 million for the quarter, compared to analysts’ expectations of $108.08 million. During the same quarter in the previous year, the company earned $0.05 EPS. The company’s quarterly revenue was up 43.0% compared to the same quarter last year. Sell-side analysts expect that MannKind will post -0.20 earnings per share for the current year.

Insider Buying and Selling at MannKind

In other news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the transaction, the director owned 785,867 shares in the company, valued at $3,190,620.02. This trade represents a 4.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 111,660 shares of company stock worth $414,881. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MNKD. Wellington Management Group LLP lifted its stake in shares of MannKind by 138.9% during the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock valued at $33,419,000 after buying an additional 4,561,628 shares in the last quarter. Frazier Life Sciences Management L.P. lifted its stake in shares of MannKind by 11.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock valued at $28,116,000 after buying an additional 700,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of MannKind by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock valued at $12,134,000 after buying an additional 509,692 shares in the last quarter. 180 Wealth Advisors LLC lifted its stake in shares of MannKind by 45.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock valued at $10,515,000 after buying an additional 1,332,759 shares in the last quarter. Finally, TSP Capital Management Group LLC lifted its stake in shares of MannKind by 5.2% during the 3rd quarter. TSP Capital Management Group LLC now owns 4,180,525 shares of the biopharmaceutical company’s stock valued at $16,304,000 after buying an additional 207,850 shares in the last quarter. 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. 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).