MannKind (NASDAQ:MNKD) Price Target Raised to $10.00

MannKind (NASDAQ:MNKD) had its price target boosted by Wells Fargo & Company from $9.00 to $10.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other brokerages also recently weighed in on MNKD. HC Wainwright boosted their price objective on MannKind from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Royal Bank Of Canada boosted their price objective on MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat.com, MannKind currently has a consensus rating of “Buy” and a consensus target price of $10.00.

MannKind Price Performance

NASDAQ:MNKD opened at $5.51 on Wednesday. The business has a 50 day moving average of $3.93 and a 200 day moving average of $4.44. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 50.10 and a beta of 1.02. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. During the same quarter in the previous year, the company posted $0.05 EPS. MannKind’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that MannKind will post 0.1 EPS for the current year.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the completion of the transaction, the director owned 830,508 shares in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Gotham Asset Management LLC raised its holdings in MannKind by 22.4% in the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company’s stock worth $341,000 after purchasing an additional 9,717 shares in the last quarter. Graham Capital Management L.P. bought a new position in MannKind in the fourth quarter worth $10,229,000. Man Group plc raised its holdings in MannKind by 61.4% in the fourth quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company’s stock worth $3,719,000 after purchasing an additional 219,891 shares in the last quarter. SG Americas Securities LLC raised its holdings in MannKind by 223.2% in the first quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company’s stock worth $460,000 after purchasing an additional 63,209 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in MannKind by 8.1% in the fourth quarter. Northern Trust Corp now owns 2,777,784 shares of the biopharmaceutical company’s stock worth $17,861,000 after purchasing an additional 207,792 shares in the last quarter. Institutional investors 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.