MannKind Coverage Initiated at Brinson Patrick (MNKD)
Equities research analysts at Brinson Patrick started coverage on shares of MannKind (NASDAQ:MNKD) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $12.00 price target on the stock. Brinson Patrick’s price objective would indicate a potential upside of 89.87% from the company’s current price.
The analysts wrote, “The AdCom voted 13 – 1 and 14 – 0 in favor of approving Afrezza for type-1 and type-2 diabetes, respectively. While the FDA is under no obligation to follow these recommendations, we have a high level of conviction for approval.” James acknowledged that there has been a three-month extension on Afrezza’s PDUFA date, but he sees this as an investment opportunity rather than a misfortune. Speaking on this, James said, “We are not entirely surprised by the 3 month PDUFA extension, which we view as a buying opportunity ahead of a low-risk approval event.”
Shares of MannKind (NASDAQ:MNKD) traded up 3.32% during mid-day trading on Tuesday, hitting $6.53. 8,461,263 shares of the company’s stock traded hands. MannKind has a 52 week low of $3.72 and a 52 week high of $8.70. The stock’s 50-day moving average is $5.8 and its 200-day moving average is $5.4. The company’s market cap is $2.353 billion. MannKind also was the recipient of some unusual options trading on Monday. Stock investors purchased 61,288 call options on the stock. This represents an increase of approximately 109% compared to the average daily volume of 29,310 call options.
MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Tuesday, February 18th. The company reported ($0.16) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.14) by $0.02. On average, analysts predict that MannKind will post $-0.33 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on MNKD. Analysts at MLV & Co. raised their price target on shares of MannKind from $9.00 to $11.00 in a research note on Wednesday, April 2nd. They now have a “buy” rating on the stock. Separately, analysts at Cowen and Company cut their price target on shares of MannKind from $5.50 to $5.00 in a research note on Wednesday, April 2nd. Finally, analysts at Piper Jaffray downgraded shares of MannKind from a “neutral” rating to an “underweight” rating in a research note on Monday, March 31st. They now have a $1.50 price target on the stock, down previously from $5.00. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. MannKind currently has a consensus rating of “Hold” and an average price target of $6.79.
MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.
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