MannKind (NASDAQ:MNKD) Earns Buy Rating from Analysts at Truist Financial

Truist Financial began coverage on shares of MannKind (NASDAQ:MNKD) in a research note released on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $9.00 target price on the biopharmaceutical company’s stock.

MNKD has been the topic of a number of other reports. Wall Street Zen raised MannKind from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. HC Wainwright reissued a “buy” rating on shares of MannKind in a report on Monday, November 10th. Royal Bank Of Canada dropped their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research report on Wednesday, October 8th. Finally, Oppenheimer increased their target price on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.06.

MannKind Stock Up 0.4%

MNKD opened at $5.38 on Monday. The firm’s 50 day moving average is $5.37 and its 200-day moving average is $4.59. MannKind has a 52-week low of $3.38 and a 52-week high of $7.07. The firm has a market capitalization of $1.65 billion, a P/E ratio of 48.91 and a beta of 1.11.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business had revenue of $82.13 million during the quarter, compared to analyst estimates of $80.47 million. During the same period last year, the business earned $0.04 EPS. The business’s revenue was up 17.1% on a year-over-year basis. Equities analysts expect that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MannKind news, EVP Sanjay R. Singh sold 18,777 shares of MannKind stock in a transaction on Friday, November 14th. The shares were sold at an average price of $5.03, for a total value of $94,448.31. Following the completion of the transaction, the executive vice president owned 455,211 shares of the company’s stock, valued at $2,289,711.33. The trade was a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Stuart A. Tross sold 47,000 shares of the business’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total transaction of $250,980.00. Following the sale, the insider owned 1,032,013 shares of the company’s stock, valued at approximately $5,510,949.42. The trade was a 4.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of MannKind by 7.9% during the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after purchasing an additional 1,263,622 shares during the last quarter. Rubric Capital Management LP acquired a new position in MannKind during the 3rd quarter valued at approximately $61,297,000. Geode Capital Management LLC grew its stake in MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after buying an additional 831,478 shares during the last quarter. Millennium Management LLC grew its stake in MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after buying an additional 2,375,198 shares during the last quarter. Finally, UBS Group AG increased its position in 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 buying an additional 3,088,820 shares during the period. Institutional investors own 49.55% of the company’s stock.

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.