MannKind Corporation (NASDAQ:MNKD) Receives $10.14 Average Price Target from Brokerages

Shares of MannKind Corporation (NASDAQ:MNKD) have been assigned an average recommendation of “Buy” from the eight ratings firms that are currently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $9.86.

MNKD has been the subject of a number of analyst reports. Wall Street Zen upgraded MannKind from a “hold” rating to a “buy” rating in a research note on Friday, July 18th. Mizuho initiated coverage on MannKind in a research note on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price target for the company. HC Wainwright upgraded MannKind to a “buy” rating and set a $9.00 price target for the company in a research note on Wednesday, July 16th. Finally, Royal Bank Of Canada cut their price target on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Wednesday.

MannKind Stock Performance

Shares of MannKind stock opened at $4.06 on Friday. MannKind has a one year low of $3.51 and a one year high of $7.63. The stock’s fifty day moving average is $3.96 and its 200 day moving average is $4.80. The stock has a market cap of $1.23 billion, a P/E ratio of 40.60 and a beta of 0.96.

MannKind (NASDAQ:MNKD) last announced its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. The company had revenue of $78.35 million for the quarter, compared to analysts’ expectations of $75.86 million. During the same period last year, the firm earned $0.05 EPS. MannKind’s revenue for the quarter was up 18.1% compared to the same quarter last year. Analysts predict that MannKind will post 0.1 EPS for the current year.

Insider Transactions at MannKind

In other news, EVP David Thomson sold 32,179 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the transaction, the executive vice president owned 772,427 shares in the company, valued at $3,614,958.36. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven B. Binder sold 80,144 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total value of $375,875.36. Following the transaction, the director owned 1,006,611 shares of the company’s stock, valued at approximately $4,721,005.59. The trade was a 7.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 266,198 shares of company stock valued at $1,143,244. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of MannKind by 7.9% during 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 in the last quarter. Geode Capital Management LLC grew its position in MannKind by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock worth $40,996,000 after acquiring an additional 35,346 shares in the last quarter. Millennium Management LLC grew its position in MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after acquiring an additional 2,375,198 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock worth $31,427,000 after acquiring an additional 3,587,484 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position in MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock worth $27,450,000 after acquiring an additional 798,469 shares in 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.