MannKind’s (MNKD) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of MannKind (NASDAQ:MNKD) in a research note issued to investors on Friday morning, MarketBeat reports. Cantor Fitzgerald currently has a $8.00 target price on the biopharmaceutical company’s stock.

A number of other analysts also recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Zacks Research cut shares of MannKind from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. Finally, Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, MannKind has a consensus rating of “Moderate Buy” and an average target price of $8.34.

MannKind Price Performance

Shares of MNKD stock opened at $3.75 on Friday. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51. The firm has a market cap of $1.21 billion, a PE ratio of -28.85 and a beta of 1.10. The stock has a 50 day moving average of $4.01 and a 200-day moving average of $3.47.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The business had revenue of $109.37 million for the quarter, compared to the consensus estimate of $108.08 million. During the same quarter last year, the company posted $0.05 earnings per share. MannKind’s quarterly revenue was up 43.0% on a year-over-year basis. As a group, equities analysts predict that MannKind will post -0.2 EPS for the current fiscal year.

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rubric Capital Management LP bought a new position in MannKind during the third quarter worth about $61,297,000. Wellington Management Group LLP grew its stake in shares of MannKind by 138.9% in 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 purchasing an additional 4,561,628 shares during the period. Frazier Life Sciences Management L.P. acquired a new position in shares of MannKind in the 4th quarter worth approximately $23,956,000. State Street Corp raised its holdings in shares of MannKind by 36.2% in the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after buying an additional 3,883,071 shares in the last quarter. Finally, Braidwell LP acquired a new position in shares of MannKind in the 2nd quarter worth approximately $14,733,000. Institutional investors own 49.55% of the company’s stock.

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).