Cantor Fitzgerald Forecasts Increased Earnings for MannKind

MannKind Co. (NASDAQ:MNKD - Free Report) - Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for MannKind in a note issued to investors on Wednesday, February 26th. Cantor Fitzgerald analyst O. Brayer now expects that the biopharmaceutical company will post earnings of $0.10 per share for the year, up from their prior forecast of $0.08. The consensus estimate for MannKind's current full-year earnings is $0.10 per share. Cantor Fitzgerald also issued estimates for MannKind's FY2025 earnings at $0.18 EPS.

Other analysts have also issued research reports about the company. Wedbush reaffirmed an "outperform" rating and set a $11.00 price objective on shares of MannKind in a research report on Thursday, February 27th. StockNews.com raised MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday, February 26th. Royal Bank of Canada upgraded shares of MannKind from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. Finally, Wells Fargo & Company began coverage on shares of MannKind in a research note on Friday, December 20th. They issued an "overweight" rating and a $9.00 price objective for the company. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, MannKind presently has a consensus rating of "Buy" and a consensus price target of $9.21.

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MannKind Stock Performance

Shares of MNKD traded up $0.02 during mid-day trading on Friday, hitting $5.15. 2,038,234 shares of the company's stock were exchanged, compared to its average volume of 2,026,672. The stock's 50-day moving average is $5.95 and its 200-day moving average is $6.29. MannKind has a fifty-two week low of $3.97 and a fifty-two week high of $7.63. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 73.36 and a beta of 1.28.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, meeting analysts' consensus estimates of $0.03. The company had revenue of $76.78 million during the quarter, compared to analysts' expectations of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership grew its position in MannKind by 275.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock worth $31,427,000 after buying an additional 3,587,484 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MannKind in the 3rd quarter worth approximately $12,252,000. Millennium Management LLC grew its holdings in shares of MannKind by 108.8% in the 4th quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company's stock worth $22,167,000 after acquiring an additional 1,796,442 shares during the period. Graham Capital Management L.P. purchased a new position in MannKind in the 4th quarter valued at approximately $10,229,000. Finally, Two Sigma Advisers LP raised its holdings in MannKind by 60.7% during the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company's stock worth $16,658,000 after purchasing an additional 1,000,600 shares during the last quarter. Hedge funds and other 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.