MannKind (NASDAQ:MNKD) Stock Rating Upgraded by Zacks Research

MannKind (NASDAQ:MNKD) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

MNKD has been the subject of a number of other reports. Wall Street Zen cut MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 price objective on shares of MannKind in a report on Friday, September 11th. Wells Fargo & Company lowered their target price on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Friday. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.34.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $3.71 on Monday. The company has a 50 day moving average price of $3.85 and a two-hundred day moving average price of $3.53. The company has a market capitalization of $1.19 billion, a PE ratio of -28.54 and a beta of 1.09. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $109.37 million for the quarter, compared to the consensus estimate of $108.08 million. During the same period in the prior year, the business earned $0.05 earnings per share. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. On average, sell-side analysts forecast that MannKind will post -0.2 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Steven Binder sold 39,051 shares of the firm’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $3.29, for a total value of $128,477.79. Following the completion of the transaction, the director owned 713,258 shares in the company, valued at $2,346,618.82. This trade represents a 5.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have sold 111,660 shares of company stock worth $414,881. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of institutional investors and hedge funds have recently made changes to their positions in MNKD. Sei Investments Co. raised its holdings in shares of MannKind by 53.6% in the 1st quarter. Sei Investments Co. now owns 726,396 shares of the biopharmaceutical company’s stock valued at $1,780,000 after purchasing an additional 253,537 shares during the period. Frazier Life Sciences Management L.P. boosted its stake in shares of MannKind by 11.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock worth $28,116,000 after acquiring an additional 700,000 shares during the period. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 509,692 shares during the period. 180 Wealth Advisors LLC lifted its holdings in MannKind by 45.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock valued at $10,515,000 after purchasing an additional 1,332,759 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of MannKind by 48.0% in the first quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company’s stock valued at $2,130,000 after purchasing an additional 282,068 shares during the last quarter. 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. 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).