MannKind (NASDAQ:MNKD) Earns Overweight Rating from Cantor Fitzgerald

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

A number of other research firms have also recently issued reports on MNKD. Chardan Capital assumed coverage on MannKind in a report on Monday. They set a “buy” rating and a $10.00 price objective for the company. Truist Financial lowered their target price on MannKind from $6.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a research report on Friday, October 2nd. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.08.

MannKind Stock Performance

NASDAQ:MNKD traded up $0.01 during trading hours on Tuesday, reaching $3.10. The stock had a trading volume of 2,170,364 shares, compared to its average volume of 5,223,956. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The company has a 50 day moving average price of $3.71 and a two-hundred day moving average price of $3.58. The stock has a market capitalization of $996.77 million, a PE ratio of -23.85 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $109.37 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $0.05 EPS. Equities research analysts predict that MannKind will post -0.20 EPS for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was 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 approximately $3,190,620.02. This represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 111,660 shares of company stock worth $414,881 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently made changes to their positions in the company. TSP Capital Management Group LLC lifted its position in shares of MannKind by 5.2% in the third quarter. TSP Capital Management Group LLC now owns 4,180,525 shares of the biopharmaceutical company’s stock valued at $16,304,000 after acquiring an additional 207,850 shares in the last quarter. AdvisorNet Financial Inc purchased a new position in MannKind during the third quarter worth approximately $39,000. Sequoia Financial Advisors LLC increased its stake in MannKind by 41.6% during the second quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock worth $297,000 after acquiring an additional 20,480 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in MannKind during the second quarter worth $197,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in MannKind during the second quarter worth $78,000. 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).