HC Wainwright Reiterates Buy Rating for MannKind (NASDAQ:MNKD)

MannKind (NASDAQ:MNKD)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $11.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 96.78% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Truist Financial set a $9.00 price target on MannKind in a research note on Monday, November 24th. Leerink Partners began coverage on shares of MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target for the company. Zacks Research raised shares of MannKind from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $10.06.

MannKind Stock Performance

Shares of MannKind stock opened at $5.59 on Monday. MannKind has a 52-week low of $3.38 and a 52-week high of $6.51. The stock has a market cap of $1.72 billion, a PE ratio of 55.90 and a beta of 0.81. The firm has a 50-day moving average of $5.64 and a 200-day moving average of $5.12.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $82.13 million for the quarter, compared to analyst estimates of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The business’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.04 EPS. Equities research analysts predict that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Activity at MannKind

In related news, insider Stuart A. Tross sold 47,006 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total value of $297,547.98. Following the completion of the sale, the insider directly owned 985,007 shares of the company’s stock, valued at approximately $6,235,094.31. This represents a 4.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Castagna sold 107,920 shares of MannKind stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $5.57, for a total transaction of $601,114.40. Following the transaction, the chief executive officer directly owned 2,504,792 shares in the company, valued at $13,951,691.44. This represents a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 281,623 shares of company stock valued at $1,641,289 over the last 90 days. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several hedge funds have recently modified their holdings of MNKD. AQR Capital Management LLC increased its position in shares of MannKind by 19.8% during the first quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock valued at $278,000 after acquiring an additional 9,160 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of MannKind by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock worth $1,059,000 after purchasing an additional 6,079 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in MannKind by 8.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock valued at $3,374,000 after purchasing an additional 53,202 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in MannKind by 1,379.2% during the second quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 6,896 shares during the period. Finally, Master S Wealth Management Inc. purchased a new stake in MannKind in the second quarter worth $44,000. Institutional investors own 49.55% of the company’s stock.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.