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MannKind (NASDAQ:MNKD) was upgraded by stock analysts at Piper Jaffray from an “underweight” rating to a “neutral” rating in a report issued on Wednesday, reports. The firm currently has a $6.50 target price on the stock. Piper Jaffray’s price target indicates a potential downside of 1.22% from the stock’s previous close. The analysts noted that the move was a valuation call.

MannKind (NASDAQ:MNKD) traded up 7.29% on Wednesday, hitting $7.06. The stock had a trading volume of 11,192,313 shares. MannKind has a 1-year low of $3.80 and a 1-year high of $8.70. The stock has a 50-day moving average of $6.17 and a 200-day moving average of $5.61. The company’s market cap is $2.544 billion. MannKind also was the recipient of a large drop in short interest in April. As of April 30th, there was short interest totalling 65,647,607 shares, a drop of 3.9% from the April 15th total of 68,329,559 shares. Currently, 28.1% of the company’s shares are short sold. Based on an average daily volume of 4,865,107 shares, the days-to-cover ratio is currently 13.5 days.

MannKind (NASDAQ:MNKD) last announced its earnings results on Monday, May 12th. The company reported ($0.14) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.13) by $0.01. During the same quarter last year, the company posted ($0.15) earnings per share. On average, analysts predict that MannKind will post $-0.34 earnings per share for the current fiscal year.

MNKD has been the subject of a number of other recent research reports. Analysts at MLV & Co
reiterated a “buy” rating on shares of MannKind in a research note on Tuesday. They now have a $10.00 price target on the stock, down previously from $11.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of MannKind in a research note on Tuesday, April 22nd. They now have a $6.75 price target on the stock. Finally, analysts at Brinson Patrick initiated coverage on shares of MannKind in a research note on Tuesday, April 8th. They set an “outperform” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $7.54.

MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.

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