MannKind (NASDAQ:MNKD) Upgraded by Wall Street Zen to “Hold” Rating

MannKind (NASDAQ:MNKD) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Sunday.

Several other equities analysts also recently issued reports on MNKD. HC Wainwright boosted their price objective on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Royal Bank Of Canada lifted their price target on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Wells Fargo & Company set a $11.00 price objective on shares of MannKind and gave the stock an “overweight” rating in a research report on Monday, June 1st. Finally, Mizuho decreased their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, MannKind has a consensus rating of “Moderate Buy” and an average price target of $8.97.

MannKind Price Performance

Shares of MNKD stock opened at $4.52 on Friday. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51. The firm has a fifty day moving average of $3.52 and a two-hundred day moving average of $4.08. The firm has a market cap of $1.40 billion, a P/E ratio of -64.56 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The firm had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. MannKind’s revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. On average, sell-side analysts expect that MannKind will post -0.06 EPS for the current year.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 16,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the transaction, the director owned 808,008 shares in the company, valued at $2,658,346.32. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of MannKind

Several large investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP acquired a new stake in shares of MannKind in the 3rd quarter valued at approximately $61,297,000. Frazier Life Sciences Management L.P. acquired a new position in shares of MannKind in the 4th quarter valued at $23,956,000. State Street Corp raised its stake in MannKind by 36.2% during the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after buying an additional 3,883,071 shares during the period. UBS Group AG increased its holdings in shares of MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after acquiring an additional 3,088,820 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of MannKind by 316.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Company Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).