MannKind Corporation (NASDAQ:MNKD) Receives Average Rating of “Moderate Buy” from Analysts

MannKind Corporation (NASDAQ:MNKD) has received a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $8.9688.

A number of equities analysts recently weighed in on MNKD shares. Wedbush lowered their price objective on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Royal Bank Of Canada increased their price objective on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. Weiss Ratings cut shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Wall Street Zen raised shares of MannKind from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, 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.

MannKind Price Performance

MannKind stock opened at $3.39 on Tuesday. The firm has a 50 day simple moving average of $3.00 and a 200-day simple moving average of $4.27. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -48.42 and a beta of 1.13.

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

Insider Buying and Selling

In other news, Director Steven B. Binder sold 16,940 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total value of $55,732.60. Following the sale, the director directly owned 808,008 shares in the company, valued at approximately $2,658,346.32. This trade represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Several institutional investors have recently added to or reduced their stakes in MNKD. Rubric Capital Management LP purchased a new stake in shares of MannKind in the third quarter valued at about $61,297,000. Frazier Life Sciences Management L.P. purchased a new stake in shares of MannKind in the fourth quarter valued at about $23,956,000. State Street Corp boosted its holdings in shares of MannKind by 36.2% in the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock valued at $82,914,000 after acquiring an additional 3,883,071 shares in the last quarter. UBS Group AG boosted 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 valued at $27,896,000 after acquiring an additional 3,088,820 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of MannKind by 316.2% in the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after acquiring an additional 2,634,533 shares in the last quarter. Institutional investors and hedge funds 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. 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).