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

MannKind Corporation (NASDAQ:MNKD) has been given an average recommendation of “Moderate Buy” by the ten research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $8.9688.

Several analysts have recently issued reports on the stock. Weiss Ratings cut shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Mizuho decreased their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Wells Fargo & Company set a $11.00 target price on shares of MannKind and gave the company an “overweight” rating in a research report on Monday, June 1st. HC Wainwright upped their target price on shares of MannKind from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of MannKind from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th.

MannKind Stock Down 2.4%

Shares of MNKD stock opened at $3.66 on Tuesday. The stock has a market cap of $1.13 billion, a P/E ratio of -52.28 and a beta of 1.13. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The company’s fifty day simple moving average is $3.10 and its two-hundred day simple moving average is $4.24.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company 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 firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 EPS. On average, analysts anticipate that MannKind will post -0.06 EPS for the current fiscal year.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the sale, the director directly owned 808,008 shares in the company, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their position. The sale was disclosed in a 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 Trading of MannKind

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of MannKind by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock valued at $101,385,000 after buying an additional 250,290 shares in the last quarter. State Street Corp grew its holdings in MannKind by 36.2% during the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock valued at $82,914,000 after purchasing an additional 3,883,071 shares during the last quarter. Rubric Capital Management LP bought a new position in MannKind during the 3rd quarter valued at about $61,297,000. UBS Group AG grew its holdings in MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in 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 purchasing an additional 509,692 shares during the last quarter. 49.55% of the stock is currently owned by hedge funds and other 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).