Cantor Fitzgerald Reaffirms “Overweight” Rating for MannKind (NASDAQ:MNKD)

MannKind (NASDAQ:MNKD)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a research report issued on Tuesday, Benzinga reports. They presently have a $8.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 156.82% from the stock’s previous close.

Several other brokerages have also recently commented on MNKD. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. 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. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a research report on Friday, October 2nd. Truist Financial decreased their price objective on shares of MannKind from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Finally, Chardan Capital began coverage on shares of MannKind in a research report on Monday. They set a “buy” rating and a $10.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.08.

MannKind Trading Up 0.8%

Shares of MannKind stock traded up $0.03 on Tuesday, reaching $3.12. 1,069,256 shares of the company were exchanged, compared to its average volume of 5,218,269. MannKind has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -23.96 and a beta of 1.09. The stock has a fifty day moving average price of $3.71 and a 200-day moving average price of $3.58.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.05 EPS. On average, equities analysts anticipate that MannKind will post -0.20 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, Director Steven Binder sold 39,051 shares of the stock in a transaction 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 completion of the sale, the director directly owned 785,867 shares in the company, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 111,660 shares of company stock valued at $414,881 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock worth $33,419,000 after purchasing an additional 4,561,628 shares during the last quarter. Frazier Life Sciences Management L.P. raised its stake in shares of MannKind by 11.9% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock valued at $28,116,000 after acquiring an additional 700,000 shares in the last quarter. TSP Capital Management Group LLC lifted its stake 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 worth $16,304,000 after buying an additional 207,850 shares during the last quarter. Braidwell LP acquired a new position in MannKind during the 2nd quarter worth $14,733,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of MannKind by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock worth $12,134,000 after purchasing an additional 509,692 shares during the last quarter. 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).