MannKind Co. (NASDAQ:MNKD) Receives $8.88 Consensus Price Target from Analysts

MannKind Co. (NASDAQ:MNKD - Get Free Report) has been assigned a consensus rating of "Buy" from the nine brokerages that are currently covering the company, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $8.88.

Several research firms have recently commented on MNKD. StockNews.com lowered shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, December 7th. Royal Bank of Canada upgraded MannKind from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Leerink Partners began coverage on MannKind in a report on Monday, September 9th. They issued an "outperform" rating and a $8.00 price target on the stock. Wells Fargo & Company began coverage on MannKind in a research report on Friday, December 20th. They set an "overweight" rating and a $9.00 price objective on the stock. Finally, Leerink Partnrs upgraded shares of MannKind to a "strong-buy" rating in a report on Monday, September 9th.

MannKind Trading Down 1.4 %

Shares of MannKind stock traded down $0.09 during trading on Tuesday, hitting $6.43. 1,716,754 shares of the stock traded hands, compared to its average volume of 2,681,142. The stock's fifty day simple moving average is $6.78 and its 200 day simple moving average is $6.13. The firm has a market cap of $1.77 billion, a P/E ratio of 91.86 and a beta of 1.28. MannKind has a 52-week low of $3.17 and a 52-week high of $7.63.

Insider Transactions at MannKind

In related news, insider Stuart A. Tross sold 55,000 shares of the company's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now directly owns 967,191 shares of the company's stock, valued at $7,099,181.94. This represents a 5.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven B. Binder sold 67,539 shares of MannKind stock in a transaction dated 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 directly 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 190,075 shares of company stock worth $1,325,587. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company's stock worth $62,000 after buying an additional 1,816 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of MannKind during the second quarter worth $55,000. Renaissance Technologies LLC acquired a new position in MannKind during the second quarter valued at $67,000. Quantinno Capital Management LP acquired a new position in MannKind during the third quarter valued at $85,000. Finally, Foundations Investment Advisors LLC acquired a new stake in MannKind during the 3rd quarter worth about $93,000. 49.55% of the stock is owned by institutional investors and hedge funds.

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.