MannKind (NASDAQ:MNKD) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

MannKind (NASDAQ:MNKD) had its price target lifted by analysts at Wells Fargo & Company from $9.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 87.27% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Wall Street Zen cut MannKind from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Royal Bank Of Canada boosted their target price on shares of MannKind from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, August 26th. Finally, HC Wainwright upped their target price on shares of MannKind from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $10.00.

MannKind Trading Down 3.1%

NASDAQ MNKD opened at $5.34 on Wednesday. MannKind has a 12 month low of $3.38 and a 12 month high of $7.63. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 48.55 and a beta of 1.02. The company’s 50 day moving average is $3.96 and its two-hundred day moving average is $4.44.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.82 million. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The company’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 company posted $0.05 earnings per share. Sell-side analysts forecast that MannKind will post 0.1 EPS for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of MannKind stock in a transaction on 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 transaction, the director directly owned 830,508 shares of the company’s stock, valued at $3,272,201.52. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Several institutional investors have recently made changes to their positions in the company. Quaker Wealth Management LLC boosted its stake in shares of MannKind by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,000 shares during the period. Farther Finance Advisors LLC lifted its stake in MannKind by 1,379.2% in the second quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 6,896 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of MannKind during the fourth quarter valued at approximately $37,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of MannKind during the second quarter valued at approximately $42,000. Finally, Master S Wealth Management Inc. purchased a new stake in shares of MannKind in the second quarter worth approximately $44,000. 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.