MannKind Co. (NASDAQ:MNKD) Receives Consensus Recommendation of "Buy" from Analysts

MannKind Co. (NASDAQ:MNKD - Get Free Report) has earned an average recommendation of "Buy" from the eight research firms that are currently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $9.07.

Several research analysts have recently issued reports on MNKD shares. Wells Fargo & Company started coverage on shares of MannKind in a report on Friday, December 20th. They issued an "overweight" rating and a $9.00 price objective for the company. Royal Bank of Canada raised MannKind from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, StockNews.com downgraded MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, December 7th.

MannKind Stock Performance

Shares of MNKD traded up $0.08 during mid-day trading on Friday, reaching $6.03. 1,387,744 shares of the company's stock traded hands, compared to its average volume of 1,963,296. MannKind has a 12 month low of $3.17 and a 12 month high of $7.63. The stock has a market capitalization of $1.66 billion, a P/E ratio of 86.14 and a beta of 1.29. The business's 50-day moving average price is $6.47 and its 200-day moving average price is $6.27.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, meeting analysts' consensus estimates of $0.04. The business had revenue of $70.08 million for the quarter, compared to analysts' expectations of $77.27 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. Equities research analysts anticipate that MannKind will post 0.1 EPS for the current year.

Insider Buying and Selling at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the transaction, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven B. Binder sold 67,539 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the sale, the director now owns 1,075,026 shares of the company's stock, valued at approximately $7,267,175.76. This represents a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new position in MannKind in the second quarter worth approximately $1,524,000. Renaissance Technologies LLC acquired a new position in shares of MannKind during the 2nd quarter worth $67,000. AQR Capital Management LLC raised its holdings in shares of MannKind by 8.1% during the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company's stock valued at $223,000 after purchasing an additional 3,214 shares in the last quarter. Millennium Management LLC lifted its stake in shares of MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company's stock valued at $24,766,000 after purchasing an additional 3,107,598 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in MannKind by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company's stock worth $529,000 after purchasing an additional 3,374 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.