MannKind (NASDAQ:MNKD) Shares Gap Up After Analyst Upgrade

MannKind Corporation (NASDAQ:MNKD)’s share price gapped up prior to trading on Tuesday after HC Wainwright raised their price target on the stock from $9.00 to $11.00. The stock had previously closed at $4.59, but opened at $6.06. HC Wainwright currently has a buy rating on the stock. MannKind shares last traded at $5.98, with a volume of 12,904,251 shares traded.

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

Insider Transactions at MannKind

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

Institutional Trading of MannKind

Several hedge funds have recently made changes to their positions in MNKD. Quaker Wealth Management LLC lifted its holdings in shares of MannKind by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of MannKind by 1,379.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 6,896 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of MannKind in the 4th quarter worth approximately $37,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of MannKind in the 2nd quarter worth approximately $42,000. Finally, Master S Wealth Management Inc. acquired a new position in shares of MannKind in the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Trading Up 25.1%

The firm’s fifty day moving average price is $3.90 and its 200 day moving average price is $4.43. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 52.19 and a beta of 1.02.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 EPS. On average, analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

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.