MannKind (NASDAQ:MNKD) Given New $8.00 Price Target at Wells Fargo & Company

MannKind (NASDAQ:MNKD) had its target price lowered by Wells Fargo & Company from $10.00 to $8.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently issued reports on MNKD. Royal Bank Of Canada boosted their target price on shares of MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Tuesday, August 26th. Leerink Partners started coverage on shares of MannKind in a report on Friday, October 10th. They set an “outperform” rating and a $9.00 price target for the company. Weiss Ratings reissued a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. HC Wainwright restated a “buy” rating on shares of MannKind in a research report on Monday. Finally, Oppenheimer raised their target price on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.50.

MannKind Stock Down 3.1%

Shares of NASDAQ:MNKD opened at $5.25 on Tuesday. MannKind has a 12-month low of $3.38 and a 12-month high of $7.44. The business has a 50 day moving average of $5.45 and a 200-day moving average of $4.57. The stock has a market cap of $1.61 billion, a PE ratio of 47.73 and a beta of 1.11.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. During the same period last year, the firm posted $0.04 EPS. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities research analysts expect that MannKind will post 0.1 earnings per share for the current year.

Insider Transactions at MannKind

In related news, insider Stuart A. Tross sold 47,000 shares of MannKind stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the sale, the insider directly owned 1,032,013 shares in the company, valued at $5,510,949.42. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Quaker Wealth Management LLC raised its stake in shares of MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in MannKind by 1,379.2% in the second quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 6,896 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in MannKind during the 2nd quarter worth $42,000. Master S Wealth Management Inc. acquired a new position in MannKind during the 2nd quarter worth about $44,000. Finally, Blueshift Asset Management LLC bought a new stake in shares of MannKind in the 1st quarter valued at about $51,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.