MannKind Corporation (NASDAQ:MNKD) Receives $9.22 Average Target Price from Brokerages

Shares of MannKind Corporation (NASDAQ:MNKD) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $9.2188.

A number of research firms have commented on MNKD. Wall Street Zen cut MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Royal Bank Of Canada increased their price objective on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a report on Thursday, May 7th. HC Wainwright reiterated a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Mizuho dropped 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. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th.

Insider Buying and Selling at MannKind

In other MannKind news, Director Steven B. Binder sold 39,051 shares of MannKind stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the transaction, the director directly owned 785,867 shares of the company’s stock, valued at $3,190,620.02. This trade represents a 4.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MannKind

A number of institutional investors and hedge funds have recently modified their holdings of MNKD. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of MannKind during the 2nd quarter valued at approximately $82,000. California State Teachers Retirement System lifted its position in MannKind by 315.4% in the second quarter. California State Teachers Retirement System now owns 1,577,193 shares of the biopharmaceutical company’s stock worth $6,719,000 after buying an additional 1,197,481 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its position in MannKind by 11.9% in the second quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock worth $28,116,000 after buying an additional 700,000 shares during the last quarter. HB Wealth Management LLC purchased a new position in MannKind during the second quarter worth $70,000. Finally, Braidwell LP purchased a new position in MannKind during the second quarter worth $14,733,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Stock Performance

Shares of MannKind stock opened at $4.16 on Friday. The stock’s fifty day moving average is $4.04 and its 200 day moving average is $3.62. MannKind has a one year low of $2.23 and a one year high of $6.51. The stock has a market cap of $1.34 billion, a P/E ratio of -32.00 and a beta of 1.12.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The firm had revenue of $109.37 million for the quarter, compared to analysts’ expectations of $108.08 million. During the same period in the previous year, the firm earned $0.05 EPS. The business’s quarterly revenue was up 43.0% on a year-over-year basis. Analysts predict that MannKind will post -0.2 EPS for the current year.

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. 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).