MannKind (NASDAQ:MNKD) Price Target Cut to $7.50 by Analysts at Royal Bank Of Canada

MannKind (NASDAQ:MNKD) had its price objective decreased by Royal Bank Of Canada from $8.00 to $7.50 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 42.18% from the stock’s previous close.

MNKD has been the topic of several other reports. Weiss Ratings reissued a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. HC Wainwright reissued a “buy” rating on shares of MannKind in a research report on Monday. Leerink Partners started coverage on MannKind in a research report on Friday, October 10th. They issued an “outperform” rating and a $9.00 price objective on the stock. Finally, Wells Fargo & Company cut their target price on MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

MannKind Stock Down 2.7%

Shares of MNKD stock traded down $0.15 during mid-day trading on Tuesday, reaching $5.28. 464,312 shares of the company’s stock traded hands, compared to its average volume of 3,083,429. The company’s 50-day moving average price is $5.46 and its 200-day moving average price is $4.57. The company has a market cap of $1.62 billion, a P/E ratio of 47.96 and a beta of 1.11. MannKind has a 12 month low of $3.38 and a 12 month high of $7.44.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) 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 company had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. During the same period last year, the company posted $0.04 EPS. MannKind’s revenue was up 17.1% on a year-over-year basis. Equities analysts predict that MannKind will post 0.1 earnings per share for the current year.

Insider Activity

In other MannKind news, insider Stuart A. Tross sold 47,000 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total value of $250,980.00. Following the completion of the sale, the insider owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of MannKind

Several hedge funds have recently modified their holdings of MNKD. Quaker Wealth Management LLC lifted its holdings in shares of MannKind by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of MannKind by 1,379.2% in the 2nd 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 last quarter. Blueshift Asset Management LLC purchased a new position in shares of MannKind in the 1st quarter worth approximately $51,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of MannKind during the 2nd quarter valued at approximately $42,000. Finally, Master S Wealth Management Inc. purchased a new stake in MannKind during the 2nd quarter valued at $44,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

About MannKind

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.