MannKind Stock Rating Lowered by ISI Group (MNKD)
MannKind (NASDAQ:MNKD) was downgraded by equities research analysts at ISI Group from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday. They currently have a $11.00 target price on the stock, up from their previous target price of $10.00. ISI Group’s price objective would indicate a potential upside of 0.36% from the stock’s previous close.
The analysts wrote, “Capping a long journey, FDA has now approved Afrezza, MNKD’s novel inhaled insulin for diabetes. Given the very positive 4/1 AdCom vote in favor of Afrezza, the approval itself doesn’t come as a surprise, but the timing does (the PDUFA was 7/15). As a result, we now raise our PT to $11 (on a lowered DCF discount rate on reduced risk), but given current valuation, we now also lower our rating to Hold on what we see as a fully valued stock. “Our next immediate focus is the commercial partnership for Afrezza. Here, 1) which pharma MNKD secures as a partner and 2) partnership deal terms will be major factors in determining how the market (and stock) reacts. We expect partnership news in the next 2-3 months (but are hopeful it could come sooner), and note that we’ll likely use that event as an opp’y to re-evaluate our views on the stock and Afrezza’s prospects.”
In other MannKind news, VP Juergen Martens sold 25,417 shares of the company’s stock on the open market in a transaction dated Friday, June 27th. The shares were sold at an average price of $10.53, for a total value of $267,641.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
MannKind (NASDAQ:MNKD) opened at 10.96 on Tuesday. MannKind has a 1-year low of $3.80 and a 1-year high of $11.48. The stock’s 50-day moving average is $9.2 and its 200-day moving average is $6.68. The company’s market cap is $4.142 billion.
MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by $0.01. During the same quarter in the previous year, the company posted ($0.15) earnings per share. On average, analysts predict that MannKind will post $-0.37 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
downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Tuesday. They now have a $11.00 price target on the stock, up previously from $10.00. Separately, analysts at Brinson Patrick raised their price target on shares of MannKind from $12.00 to $15.00 in a research note on Monday. They now have an “outperform” rating on the stock. Finally, analysts at RBC Capital initiated coverage on shares of MannKind in a research note on Thursday, June 12th. They set an “outperform” rating and a $16.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.56.
MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.
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