Brokerages Set MannKind Co. (NASDAQ:MNKD) PT at $10.00

Shares of MannKind Co. (NASDAQ:MNKD) have been assigned an average recommendation of “Buy” from the eight research firms that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $10.00.

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Wednesday, March 19th. Mizuho initiated coverage on shares of MannKind in a research note on Thursday, April 10th. They set an “outperform” rating and a $12.00 price target on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of MannKind in a report on Thursday, February 27th.

MannKind Stock Performance

NASDAQ MNKD opened at $4.42 on Friday. MannKind has a one year low of $4.05 and a one year high of $7.63. The company has a 50-day simple moving average of $4.61 and a 200-day simple moving average of $5.51. The firm has a market capitalization of $1.34 billion, a PE ratio of 63.14 and a beta of 1.14.

MannKind (NASDAQ:MNKD) last posted its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $78.35 million during the quarter, compared to analyst estimates of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. MannKind’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.05 EPS. Equities analysts forecast that MannKind will post 0.1 earnings per share for the current year.

Insider Transactions at MannKind

In other news, Director Steven B. Binder sold 12,078 shares of MannKind stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $4.40, for a total transaction of $53,143.20. Following the completion of the sale, the director now owns 989,343 shares in the company, valued at $4,353,109.20. The trade was a 1.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP David Thomson sold 32,179 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total transaction of $150,597.72. Following the transaction, the executive vice president now owns 772,427 shares of the company’s stock, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 126,746 shares of company stock valued at $589,958. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MNKD. Arrowstreet Capital Limited Partnership boosted its holdings in shares of MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after buying an additional 3,587,484 shares during the period. Nuveen LLC acquired a new stake in MannKind in the first quarter valued at $17,011,000. Millennium Management LLC lifted its stake in MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock valued at $29,288,000 after acquiring an additional 2,375,198 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of MannKind in the fourth quarter valued at about $10,229,000. Finally, Vanguard Group Inc. raised its position in shares of MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after purchasing an additional 1,263,622 shares during the period. Institutional investors and hedge funds 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.