FY2023 Earnings Estimate for MannKind Co. (NASDAQ:MNKD) Issued By Leerink Partnrs

MannKind Co. (NASDAQ:MNKD) – Analysts at Leerink Partnrs lifted their FY2023 earnings estimates for shares of MannKind in a research note issued on Wednesday, November 8th. Leerink Partnrs analyst T. Smith now forecasts that the biopharmaceutical company will post earnings per share of ($0.07) for the year, up from their prior forecast of ($0.08). The consensus estimate for MannKind’s current full-year earnings is ($0.06) per share. Leerink Partnrs also issued estimates for MannKind’s Q4 2023 earnings at ($0.02) EPS.

MannKind (NASDAQ:MNKD) last posted its earnings results on Tuesday, November 7th. The biopharmaceutical company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. The business had revenue of $51.20 million for the quarter, compared to analysts’ expectations of $50.73 million. During the same quarter last year, the business posted ($0.06) earnings per share. The business’s revenue was up 56.1% compared to the same quarter last year.

Other equities research analysts also recently issued reports about the stock. StockNews.com initiated coverage on shares of MannKind in a report on Thursday, October 5th. They set a “hold” rating for the company. HC Wainwright lifted their price target on shares of MannKind from $7.00 to $7.50 and gave the stock a “buy” rating in a report on Monday, August 14th. Cantor Fitzgerald raised their target price on shares of MannKind from $6.50 to $7.50 and gave the stock an “overweight” rating in a research report on Tuesday, August 8th. Finally, Wedbush assumed coverage on shares of MannKind in a research report on Monday, October 9th. They issued an “outperform” rating on the stock.

MannKind Price Performance

Shares of NASDAQ MNKD opened at $3.43 on Monday. The company has a market cap of $924.64 million, a PE ratio of -28.58 and a beta of 1.64. MannKind has a 12 month low of $3.38 and a 12 month high of $5.75. The company has a 50-day simple moving average of $4.10 and a 200-day simple moving average of $4.29.

Insider Buying and Selling

In related news, CEO Michael Castagna sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $4.25, for a total value of $42,500.00. Following the sale, the chief executive officer now directly owns 2,349,147 shares of the company’s stock, valued at $9,983,874.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MannKind news, EVP David Thomson sold 8,100 shares of MannKind stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $4.78, for a total transaction of $38,718.00. Following the transaction, the executive vice president now directly owns 798,835 shares of the company’s stock, valued at $3,818,431.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Castagna sold 10,000 shares of MannKind stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $4.25, for a total transaction of $42,500.00. Following the transaction, the chief executive officer now directly owns 2,349,147 shares in the company, valued at $9,983,874.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,100 shares of company stock valued at $173,418. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp lifted its position in MannKind by 66.6% during the third quarter. State Street Corp now owns 20,832,244 shares of the biopharmaceutical company’s stock valued at $64,372,000 after buying an additional 8,331,058 shares in the last quarter. Vanguard Group Inc. lifted its position in MannKind by 2.1% during the third quarter. Vanguard Group Inc. now owns 13,110,309 shares of the biopharmaceutical company’s stock valued at $40,512,000 after buying an additional 275,907 shares in the last quarter. FMR LLC lifted its position in MannKind by 24.2% during the second quarter. FMR LLC now owns 6,585,994 shares of the biopharmaceutical company’s stock valued at $25,093,000 after buying an additional 1,284,286 shares in the last quarter. Millennium Management LLC raised its stake in shares of MannKind by 144.6% during the fourth quarter. Millennium Management LLC now owns 6,249,939 shares of the biopharmaceutical company’s stock valued at $32,937,000 after purchasing an additional 3,695,224 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of MannKind by 3.4% during the second quarter. Geode Capital Management LLC now owns 5,334,539 shares of the biopharmaceutical company’s stock valued at $21,712,000 after purchasing an additional 177,453 shares during the period. 49.95% of the stock is 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.