MannKind (MNKD) Upgraded by Zacks Investment Research to Hold

MannKind (NASDAQ:MNKD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Mannkind Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes, cancer, inflammatory and autoimmune diseases. The Company’s lead product, the Technosphere Insulin System, consists of the Company’s dry-powder Technosphere formulation of insulin and the Company’s MedTone inhaler through which the powder is inhaled into the deep lung. “

A number of other analysts have also issued reports on the company. BidaskClub lowered MannKind from a “hold” rating to a “sell” rating in a report on Friday, December 22nd. ValuEngine upgraded MannKind from a “strong sell” rating to a “sell” rating in a report on Thursday, November 30th. HC Wainwright restated a “buy” rating on shares of MannKind in a report on Wednesday, November 8th. Finally, Maxim Group restated a “hold” rating on shares of MannKind in a report on Wednesday, November 1st. Four analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $0.92.

Shares of MannKind (NASDAQ MNKD) opened at $2.55 on Wednesday. The company has a market capitalization of $292.93, a price-to-earnings ratio of -9.44 and a beta of 3.08. MannKind has a 52-week low of $0.67 and a 52-week high of $6.96. The company has a debt-to-equity ratio of -0.43, a quick ratio of 0.28 and a current ratio of 0.31.

MannKind (NASDAQ:MNKD) last released its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.11). The business had revenue of $2.04 million during the quarter, compared to analysts’ expectations of $2.56 million. MannKind had a negative net margin of 155.83% and a negative return on equity of 24.93%. MannKind’s revenue for the quarter was down 98.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.30 EPS. sell-side analysts forecast that MannKind will post -1.13 earnings per share for the current fiscal year.

In other news, Director Kent Kresa acquired 166,600 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was acquired at an average cost of $6.00 per share, for a total transaction of $999,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Stuart A. Tross acquired 39,840 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The shares were purchased at an average price of $2.52 per share, with a total value of $100,396.80. Following the completion of the acquisition, the vice president now owns 59,840 shares of the company’s stock, valued at approximately $150,796.80. The disclosure for this purchase can be found here. Insiders bought 214,440 shares of company stock valued at $1,118,317 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of MannKind by 30.2% during the third quarter. Bank of New York Mellon Corp now owns 108,380 shares of the biopharmaceutical company’s stock worth $236,000 after acquiring an additional 25,125 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of MannKind by 51.5% during the third quarter. Wells Fargo & Company MN now owns 89,951 shares of the biopharmaceutical company’s stock worth $196,000 after acquiring an additional 30,589 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in shares of MannKind during the third quarter worth $156,000. Dupont Capital Management Corp purchased a new stake in shares of MannKind during the third quarter worth $219,000. Finally, Dimensional Fund Advisors LP acquired a new position in MannKind during the third quarter worth $270,000. Institutional investors and hedge funds own 12.10% of the company’s stock.

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About MannKind

MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.

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