Chardan Capital Initiates Coverage on MannKind (NASDAQ:MNKD)

Equities researchers at Chardan Capital began coverage on shares of MannKind (NASDAQ:MNKD) in a research note issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $10.00 price target on the biopharmaceutical company’s stock. Chardan Capital’s price target would indicate a potential upside of 222.58% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Truist Financial dropped 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. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research report on Friday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $8.00 target price on shares of MannKind in a research note on Friday, September 11th. Wells Fargo & Company dropped their price target 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. Finally, Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $8.08.

MannKind Trading Up 0.3%

MNKD opened at $3.10 on Monday. The stock’s 50 day simple moving average is $3.70 and its 200-day simple moving average is $3.59. The stock has a market cap of $996.77 million, a PE ratio of -23.85 and a beta of 1.09. MannKind has a 1 year low of $2.23 and a 1 year high of $6.51.

MannKind (NASDAQ:MNKD) last issued its earnings results 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 firm’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period last year, the business earned $0.05 earnings per share. Equities analysts forecast that MannKind will post -0.20 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MannKind news, Director Steven Binder sold 39,051 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $3.29, for a total value of $128,477.79. Following the sale, the director directly owned 713,258 shares in the company, valued at $2,346,618.82. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 111,660 shares of company stock valued at $414,881 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Waverly Advisors LLC boosted its position in MannKind by 43.0% in the second quarter. Waverly Advisors LLC now owns 24,948 shares of the biopharmaceutical company’s stock valued at $106,000 after buying an additional 7,498 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in MannKind by 22.1% during the first quarter. Chicago Partners Investment Group LLC now owns 42,691 shares of the biopharmaceutical company’s stock worth $105,000 after buying an additional 7,741 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of MannKind by 4.8% during the first quarter. Royal Bank of Canada now owns 216,563 shares of the biopharmaceutical company’s stock worth $531,000 after buying an additional 9,951 shares in the last quarter. AdvisorNet Financial Inc acquired a new stake in shares of MannKind during the third quarter worth approximately $39,000. Finally, Allworth Financial LP raised its stake 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 during the last quarter. 49.55% of the stock is owned by 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).