MannKind (NASDAQ:MNKD) Stock Price Up 7.4% Following Analyst Upgrade

MannKind Corporation (NASDAQ:MNKD)’s stock price shot up 7.4% during mid-day trading on Friday after Oppenheimer raised their price target on the stock from $12.00 to $15.00. Oppenheimer currently has an outperform rating on the stock. MannKind traded as high as $5.83 and last traded at $5.74. 2,953,421 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 2,690,595 shares. The stock had previously closed at $5.34.

Other equities research analysts have also issued research reports about the company. HC Wainwright raised their target price on MannKind from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday. Royal Bank Of Canada raised their target price on MannKind from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 26th. Wells Fargo & Company raised their target price on MannKind from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Two analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $10.71.

Insider Buying and Selling at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of MannKind stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the transaction, the director directly owned 830,508 shares in the company, valued at approximately $3,272,201.52. This trade represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings 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 buying an additional 1,263,622 shares during the period. Geode Capital Management LLC lifted its holdings in shares of MannKind by 12.3% in the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after buying an additional 831,478 shares during the period. Millennium Management LLC lifted its holdings in shares of MannKind by 68.9% in the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock valued at $29,288,000 after buying an additional 2,375,198 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in shares of MannKind by 23.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock valued at $27,450,000 after buying an additional 798,469 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of MannKind by 25.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock valued at $15,206,000 after buying an additional 825,608 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Performance

The firm has a fifty day moving average price of $4.00 and a 200 day moving average price of $4.44. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 50.37 and a beta of 1.02.

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

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.