Brokerages Set MannKind Corporation (NASDAQ:MNKD) Price Target at $8.97

MannKind Corporation (NASDAQ:MNKD) has been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $9.3438.

A number of research analysts have recently commented on MNKD shares. Wells Fargo & Company boosted their target price on shares of MannKind from $11.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Royal Bank Of Canada lifted their price target on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. Finally, Mizuho decreased their price objective 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.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $3.91 on Wednesday. The company has a market cap of $1.21 billion, a P/E ratio of -55.85 and a beta of 1.09. MannKind has a one year low of $2.23 and a one year high of $6.51. The business’s 50-day simple moving average is $3.90 and its 200 day simple moving average is $3.83.

MannKind (NASDAQ:MNKD) last released 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). MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The company had revenue of $90.17 million during the quarter, compared to analysts’ expectations of $105.38 million. During the same quarter in the prior year, the company earned $0.04 EPS. The firm’s revenue was up 15.1% compared to the same quarter last year. Analysts predict that MannKind will post -0.04 earnings per share for the current year.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 16,940 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the transaction, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several hedge funds and other institutional investors have recently bought and sold shares of MNKD. Franklin Resources Inc. raised its stake in MannKind by 1.4% during the third quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock worth $871,000 after acquiring an additional 2,201 shares during the period. Aaron Wealth Advisors LLC boosted its stake in MannKind by 1.2% in the fourth quarter. Aaron Wealth Advisors LLC now owns 200,763 shares of the biopharmaceutical company’s stock valued at $1,138,000 after acquiring an additional 2,355 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in MannKind by 7.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company’s stock valued at $189,000 after acquiring an additional 2,404 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of MannKind by 6.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,234 shares of the biopharmaceutical company’s stock valued at $220,000 after purchasing an additional 2,443 shares during the last quarter. Finally, Mariner LLC grew its holdings in shares of MannKind by 1.3% during the fourth quarter. Mariner LLC now owns 209,479 shares of the biopharmaceutical company’s stock valued at $1,188,000 after purchasing an additional 2,777 shares during the last quarter. 49.55% of the stock is currently 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. 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).