MannKind (NASDAQ:MNKD) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of MannKind (NASDAQ:MNKD - Free Report) from a hold rating to a buy rating in a report released on Wednesday morning.

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

MannKind Stock Performance

MNKD stock traded down $0.04 during mid-day trading on Wednesday, reaching $5.22. The company had a trading volume of 2,505,191 shares, compared to its average volume of 2,389,268. The firm has a fifty day simple moving average of $5.58 and a 200 day simple moving average of $6.24. MannKind has a fifty-two week low of $3.97 and a fifty-two week high of $7.63. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 74.57 and a beta of 1.27.

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MannKind (NASDAQ:MNKD - Get Free Report) last issued its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The business had revenue of $76.78 million for the quarter, compared to analyst estimates of $74.99 million. As a group, analysts predict that MannKind will post 0.1 earnings per share for the current year.

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently made changes to their positions in the stock. E Fund Management Co. Ltd. boosted its stake in shares of MannKind by 9.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company's stock worth $142,000 after purchasing an additional 1,828 shares during the last quarter. Xponance Inc. lifted its stake in shares of MannKind by 10.6% in the 4th quarter. Xponance Inc. now owns 19,067 shares of the biopharmaceutical company's stock valued at $123,000 after purchasing an additional 1,828 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in MannKind by 10.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 28,174 shares of the biopharmaceutical company's stock worth $181,000 after buying an additional 2,657 shares during the period. National Bank of Canada FI boosted its position in MannKind by 14.8% during the 3rd quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company's stock worth $136,000 after purchasing an additional 2,783 shares during the period. Finally, AXQ Capital LP boosted its position in shares of MannKind by 19.8% in the fourth quarter. AXQ Capital LP now owns 22,530 shares of the biopharmaceutical company's stock worth $145,000 after buying an additional 3,717 shares during the period. 49.55% of the stock is currently 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.