Insider Buying: Hakan Edstrom Acquires 1,692 Shares of MannKind Stock (MNKD)
MannKind (NASDAQ:MNKD) COO Hakan Edstrom bought 1,692 shares of the stock on the open market in a transaction dated Monday, June 30th. The shares were purchased at an average price of $4.42 per share, with a total value of $7,478.64. Following the completion of the purchase, the chief operating officer now directly owns 731,377 shares in the company, valued at approximately $3,232,686. The purchase was disclosed in a document filed with the SEC, which is available at this link.
Shares of MannKind (NASDAQ:MNKD) opened at 9.88 on Thursday. MannKind has a 52 week low of $3.80 and a 52 week high of $11.48. The stock’s 50-day moving average is $9.44 and its 200-day moving average is $6.74. The company’s market cap is $3.734 billion.
MannKind (NASDAQ:MNKD) last issued its quarterly earnings data 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. Analysts expect that MannKind will post $-0.36 EPS for the current fiscal year.
A number of analysts have recently weighed in on MNKD shares. Analysts at ISI Group 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 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. They noted that the move was a valuation call. Finally, 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. MannKind currently has a consensus rating of “Hold” and a consensus price target of $9.56.
MannKind Corporation (NASDAQ:MNKD) is a development-stage biopharmaceutical company.
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