MannKind Co. (NASDAQ:MNKD) Receives $8.67 Average Price Target from Brokerages

Shares of MannKind Co. (NASDAQ:MNKD) have been given an average recommendation of “Buy” by the seven analysts that are currently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $8.67.

MNKD has been the topic of several research analyst reports. Leerink Partners started coverage on shares of MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th.

Insiders Place Their Bets

In other news, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the transaction, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at approximately $6,385,654.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MannKind news, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the sale, the insider now directly owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven B. Binder sold 5,055 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,161 shares of company stock valued at $1,229,095 over the last quarter. Insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

A number of large investors have recently modified their holdings of the company. Millennium Management LLC boosted its stake in MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after purchasing an additional 3,107,598 shares during the period. TSP Capital Management Group LLC boosted its position in shares of MannKind by 196.0% during the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after buying an additional 1,583,800 shares during the period. Dimensional Fund Advisors LP bought a new position in MannKind in the 2nd quarter worth approximately $1,524,000. Dark Forest Capital Management LP increased its position in MannKind by 1,551.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock valued at $1,441,000 after acquiring an additional 259,257 shares during the period. Finally, 180 Wealth Advisors LLC raised its stake in MannKind by 12.6% during the 1st quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock valued at $8,798,000 after acquiring an additional 216,880 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Price Performance

MNKD stock opened at $6.60 on Thursday. MannKind has a 52-week low of $3.17 and a 52-week high of $6.92. The company has a market capitalization of $1.80 billion, a PE ratio of 220.00 and a beta of 1.31. The stock’s 50 day moving average is $6.09 and its two-hundred day moving average is $5.28.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The firm had revenue of $72.39 million for the quarter, compared to the consensus estimate of $64.81 million. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The firm’s revenue was up 48.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.02) EPS. As a group, sell-side analysts anticipate that MannKind will post 0.11 EPS for the current 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.