MannKind (NASDAQ:MNKD) Rating Increased to Buy at Wall Street Zen

MannKind (NASDAQ:MNKD) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Several other research firms have also issued reports on MNKD. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a research report on Wednesday, October 8th. Royal Bank Of Canada lifted 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. Leerink Partners began coverage on MannKind in a research note on Friday, October 10th. They set an “outperform” rating and a $9.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 target price on shares of MannKind in a research report on Monday, October 13th. Finally, Wells Fargo & Company began coverage on shares of MannKind in a research note on Monday, October 20th. They set an “overweight” rating and a $10.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.86.

MannKind Price Performance

Shares of NASDAQ MNKD opened at $5.63 on Friday. MannKind has a one year low of $3.38 and a one year high of $7.48. The business’s 50-day moving average price is $5.44 and its two-hundred day moving average price is $4.56. The company has a market capitalization of $1.73 billion, a P/E ratio of 51.19 and a beta of 1.11.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. The business had revenue of $82.13 million during the quarter, compared to analyst estimates of $80.47 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.04 EPS. On average, equities analysts anticipate that MannKind will post 0.1 EPS for the current year.

Insider Activity

In other MannKind news, insider Stuart A. Tross sold 47,000 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the sale, the insider directly owned 1,032,013 shares of the company’s stock, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MNKD. Vanguard Group Inc. raised its holdings in MannKind by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock worth $87,131,000 after purchasing an additional 1,263,622 shares during the last quarter. Geode Capital Management LLC grew its position in shares of 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 buying an additional 831,478 shares during the period. Millennium Management LLC raised its stake in shares of MannKind by 68.9% during the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after buying an additional 2,375,198 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of MannKind by 25.5% during the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock worth $15,206,000 after buying an additional 825,608 shares during the last quarter. Finally, Nuveen LLC acquired a new position in MannKind in the first quarter valued at approximately $17,011,000. 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.