MannKind Corporation (NASDAQ:MNKD) Receives $8.97 Average Target Price from Analysts

MannKind Corporation (NASDAQ:MNKD) has been given a consensus recommendation of “Moderate Buy” by the ten analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $8.9688.

Several research analysts have weighed in on the stock. HC Wainwright raised their price objective on shares of MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Wells Fargo & Company set a $11.00 price objective on shares of MannKind and gave the stock an “overweight” rating in a report on Monday, June 1st. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 15th. Wedbush decreased their price objective on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Finally, Mizuho decreased their price objective on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday, May 7th.

MannKind Price Performance

Shares of MNKD stock opened at $4.00 on Tuesday. The firm has a market cap of $1.24 billion, a P/E ratio of -57.13 and a beta of 1.13. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51. The firm has a fifty day moving average of $3.13 and a two-hundred day moving average of $4.22.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $90.17 million for the quarter, compared to analyst estimates of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.MannKind’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.04 earnings per share. On average, sell-side analysts expect that MannKind will post -0.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total value of $55,732.60. Following the completion of the transaction, the director directly owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of MannKind by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock valued at $101,385,000 after buying an additional 250,290 shares during the period. State Street Corp boosted its holdings in shares of MannKind by 36.2% in the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock valued at $82,914,000 after buying an additional 3,883,071 shares during the period. Rubric Capital Management LP acquired a new position in shares of MannKind in the 3rd quarter valued at about $61,297,000. UBS Group AG lifted its position in MannKind by 146.7% in the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in MannKind by 11.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock valued at $12,134,000 after purchasing an additional 509,692 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).