MannKind (NASDAQ:MNKD) Stock Price Target Cut by Truist Financial

MannKind (NASDAQ:MNKD) had its price target dropped by equities research analysts at Truist Financial from $6.00 to $5.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price target indicates a potential upside of 45.14% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research report on Friday. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday. HC Wainwright reissued a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Wells Fargo & Company cut their target price on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.84.

MannKind Stock Performance

Shares of NASDAQ MNKD traded down $0.27 during midday trading on Wednesday, hitting $3.44. 2,511,908 shares of the stock traded hands, compared to its average volume of 5,260,268. The firm has a market capitalization of $1.11 billion, a P/E ratio of -26.58 and a beta of 1.09. MannKind has a one year low of $2.23 and a one year high of $6.51. The firm has a 50-day moving average of $3.85 and a two-hundred day moving average of $3.53.

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 firm had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. The business’s revenue was up 43.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. Equities analysts forecast that MannKind will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MannKind news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $3.29, for a total transaction of $128,477.79. Following the transaction, the director owned 713,258 shares of the company’s stock, valued at $2,346,618.82. The trade was a 5.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 111,660 shares of company stock worth $414,881. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently modified their holdings of MNKD. Sequoia Financial Advisors LLC lifted its stake in shares of MannKind by 41.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock valued at $297,000 after buying an additional 20,480 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in MannKind in the 2nd quarter worth $197,000. Integrated Wealth Concepts LLC bought a new stake in MannKind during the second quarter valued at about $78,000. Squarepoint Ops LLC bought a new stake in MannKind during the second quarter valued at about $1,760,000. Finally, Allworth Financial LP lifted its position in shares of MannKind by 2,013.4% in the second 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 in the last quarter. 49.55% of the stock is currently owned by institutional investors.

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).