MannKind (NASDAQ:MNKD) Given New $11.00 Price Target at HC Wainwright

MannKind (NASDAQ:MNKD) had its price objective increased by HC Wainwright from $9.00 to $11.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently weighed in on MNKD. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Royal Bank Of Canada upped their price target on MannKind from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $9.83.

MannKind Stock Up 25.1%

Shares of MannKind stock opened at $5.74 on Tuesday. MannKind has a 52 week low of $3.38 and a 52 week high of $7.63. The business’s fifty day simple moving average is $3.90 and its 200-day simple moving average is $4.43. The firm has a market cap of $1.76 billion, a PE ratio of 52.19 and a beta of 1.02.

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

Insider Activity

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

Institutional Trading of MannKind

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of MannKind by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after purchasing an additional 1,263,622 shares during the period. Geode Capital Management LLC lifted its position in MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after acquiring an additional 831,478 shares during the period. Millennium Management LLC lifted its position in MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after acquiring an additional 2,375,198 shares during the period. D. E. Shaw & Co. Inc. lifted its position in MannKind by 23.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock worth $27,450,000 after acquiring an additional 798,469 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in MannKind by 25.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock worth $15,206,000 after acquiring an additional 825,608 shares during the period. 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.