MannKind (NASDAQ:MNKD) Stock Rating Reaffirmed as Overweight by Cantor Fitzgerald

MannKind (NASDAQ:MNKD)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a research note issued on Tuesday, Benzinga reports. They currently have a $8.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald‘s price target indicates a potential upside of 158.06% from the company’s current price.

MNKD has been the topic of several other reports. Wells Fargo & Company cut their price target 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. Chardan Capital started coverage on shares of MannKind in a research note on Monday. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research note on Friday, October 2nd. 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 research report on Wednesday, October 7th. Finally, Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. Eight research 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.08.

MannKind Stock Performance

MNKD traded up $0.01 during midday trading on Tuesday, reaching $3.10. 2,170,364 shares of the company were exchanged, compared to its average volume of 5,223,956. The company’s fifty day moving average price is $3.71 and its 200 day moving average price is $3.58. The company has a market cap of $996.77 million, a price-to-earnings ratio of -23.85 and a beta of 1.09. MannKind has a one year low of $2.23 and a one year high of $6.51.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analysts’ expectations of $108.08 million. The business’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. As a group, sell-side analysts anticipate that MannKind will post -0.20 earnings per share for the current fiscal year.

Insider Activity at MannKind

In related news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $3.29, for a total value of $128,477.79. Following the transaction, the director directly owned 713,258 shares of the company’s stock, valued at approximately $2,346,618.82. The trade was a 5.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 111,660 shares of company stock worth $414,881. Insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Several hedge funds have recently added to or reduced their stakes in the stock. Waverly Advisors LLC increased its holdings in shares of MannKind by 43.0% in the second quarter. Waverly Advisors LLC now owns 24,948 shares of the biopharmaceutical company’s stock worth $106,000 after buying an additional 7,498 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of MannKind by 22.1% in the 1st quarter. Chicago Partners Investment Group LLC now owns 42,691 shares of the biopharmaceutical company’s stock valued at $105,000 after acquiring an additional 7,741 shares during the last quarter. Royal Bank of Canada boosted its holdings in MannKind by 4.8% during the 1st quarter. Royal Bank of Canada now owns 216,563 shares of the biopharmaceutical company’s stock valued at $531,000 after acquiring an additional 9,951 shares during the period. AdvisorNet Financial Inc purchased a new stake in MannKind during the 3rd quarter valued at about $39,000. Finally, Allworth Financial LP boosted its holdings in MannKind by 2,013.4% during the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock valued at $47,000 after acquiring an additional 10,550 shares during the period. 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).