Wedbush Cuts MannKind (NASDAQ:MNKD) Price Target to $8.00

MannKind (NASDAQ:MNKD) had its price objective reduced by Wedbush from $10.00 to $8.00 in a research note published on Thursday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

MNKD has been the subject of a number of other research reports. Zacks Research cut MannKind from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Wells Fargo & Company reduced their target price on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Wall Street Zen downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial set a $9.00 price target on shares of MannKind in a research note on Monday, November 24th. Finally, Leerink Partners assumed coverage on shares of MannKind in a research report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.06.

MannKind Stock Down 7.8%

MNKD opened at $2.61 on Thursday. MannKind has a 52-week low of $2.59 and a 52-week high of $6.51. The company has a 50 day moving average of $5.25 and a two-hundred day moving average of $5.33. The company has a market cap of $804.14 million, a P/E ratio of 130.57 and a beta of 0.83.

MannKind (NASDAQ:MNKD) last posted its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business had revenue of $111.96 million for the quarter, compared to analyst estimates of $99.85 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business’s revenue was up 45.8% compared to the same quarter last year. Research analysts anticipate that MannKind will post 0.1 earnings per share for the current year.

Insider Buying and Selling at MannKind

In other MannKind news, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total transaction of $297,547.98. Following the completion of the transaction, the insider directly owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This trade represents a 4.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Castagna sold 65,804 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares of the company’s stock, valued at $15,053,799.92. The trade was a 2.56% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 154,926 shares of company stock valued at $945,726. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Level Four Advisory Services LLC lifted its stake in MannKind by 12.5% during the third quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock worth $93,000 after purchasing an additional 1,925 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of MannKind by 1.4% during the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock worth $871,000 after purchasing an additional 2,201 shares during the period. Aaron Wealth Advisors LLC boosted its holdings in shares of MannKind by 1.2% in the 4th quarter. Aaron Wealth Advisors LLC now owns 200,763 shares of the biopharmaceutical company’s stock valued at $1,138,000 after buying an additional 2,355 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of MannKind by 7.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company’s stock valued at $189,000 after buying an additional 2,404 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in MannKind by 6.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company’s stock worth $220,000 after acquiring an additional 2,443 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.