MannKind (NASDAQ:MNKD) Earns Overweight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of MannKind (NASDAQ:MNKD - Free Report) in a research note released on Friday morning, MarketBeat.com reports. The firm issued an overweight rating and a $9.00 price target on the biopharmaceutical company's stock.

MNKD has been the topic of a number of other reports. Leerink Partnrs raised MannKind to a "strong-buy" rating in a research report on Monday, September 9th. StockNews.com lowered shares of MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, December 7th. Royal Bank of Canada raised shares of MannKind from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $7.00 to $10.00 in a research report on Thursday. Leerink Partners started coverage on MannKind in a research note on Monday, September 9th. They issued an "outperform" rating and a $8.00 price target on the stock. Finally, Oppenheimer increased their price objective on MannKind from $10.00 to $12.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $8.88.

MannKind Trading Up 8.7 %

NASDAQ:MNKD traded up $0.55 during mid-day trading on Friday, hitting $6.85. 7,214,138 shares of the company's stock traded hands, compared to its average volume of 2,680,047. The firm has a 50 day moving average of $6.75 and a two-hundred day moving average of $6.01. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 97.86 and a beta of 1.28. MannKind has a 12 month low of $3.17 and a 12 month high of $7.63.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 67,536 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the sale, the director now owns 1,075,026 shares in the company, valued at $7,406,929.14. This represents a 5.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares of the company's stock, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 190,075 shares of company stock worth $1,325,587 in the last three months. Insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On MannKind

Several large investors have recently made changes to their positions in the stock. Millennium Management LLC increased its holdings in MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company's stock worth $24,766,000 after purchasing an additional 3,107,598 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MannKind in the 3rd quarter valued at approximately $12,252,000. Two Sigma Advisers LP boosted its holdings in shares of MannKind by 60.7% in the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company's stock valued at $16,658,000 after buying an additional 1,000,600 shares during the last quarter. Parkman Healthcare Partners LLC grew its stake in shares of MannKind by 37.1% in the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company's stock valued at $20,783,000 after buying an additional 894,486 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in MannKind by 421.3% during the third quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company's stock worth $2,968,000 after buying an additional 381,298 shares during the last quarter. Institutional investors own 49.55% of the company's stock.

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.