MannKind Co. (NASDAQ:MNKD - Get Free Report) traded up 5.7% on Thursday . The company traded as high as $6.30 and last traded at $6.28. 1,142,572 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 2,651,537 shares. The stock had previously closed at $5.94.
Analysts Set New Price Targets
A number of equities analysts have issued reports on MNKD shares. Leerink Partnrs upgraded MannKind to a "strong-buy" rating in a research report on Monday, September 9th. Oppenheimer lifted their price target on shares of MannKind from $10.00 to $12.00 and gave the company an "outperform" rating in a research note on Wednesday, August 28th. Royal Bank of Canada raised shares of MannKind from a "sector perform" rating to an "outperform" rating and boosted their price target for the stock from $7.00 to $10.00 in a report on Thursday. StockNews.com downgraded shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, December 7th. Finally, Leerink Partners initiated coverage on shares of MannKind in a research note on Monday, September 9th. They set an "outperform" rating and a $8.00 target price for the company. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $8.86.
View Our Latest Report on MannKind
MannKind Stock Performance
The company has a market cap of $1.74 billion, a price-to-earnings ratio of 90.00 and a beta of 1.28. The firm's 50 day simple moving average is $6.75 and its 200-day simple moving average is $6.01.
Insider Activity at MannKind
In other news, Director Steven B. Binder sold 67,539 shares of the business's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $6.76, for a total transaction of $456,563.64. Following the transaction, the director now owns 1,075,026 shares of the company's stock, valued at approximately $7,267,175.76. The trade was a 5.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The stock was 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. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 190,075 shares of company stock valued at $1,325,587. Corporate insiders own 3.00% of the company's stock.
Institutional Trading of MannKind
A number of hedge funds and other institutional investors have recently made changes to their positions in MNKD. Meeder Asset Management Inc. purchased a new position in MannKind in the second quarter worth approximately $55,000. Brookstone Capital Management purchased a new position in shares of MannKind during the 2nd quarter worth $61,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of MannKind by 22.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company's stock worth $62,000 after purchasing an additional 1,816 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in MannKind in the 2nd quarter valued at about $67,000. Finally, Quantinno Capital Management LP purchased a new stake in MannKind in the 3rd quarter valued at about $85,000. Institutional investors and hedge funds own 49.55% of the company's stock.
About MannKind
(
Get Free Report)
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.
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