MannKind (NASDAQ:MNKD) Upgraded at Royal Bank of Canada

MannKind (NASDAQ:MNKD - Get Free Report) was upgraded by stock analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a $10.00 target price on the biopharmaceutical company's stock, up from their previous target price of $7.00. Royal Bank of Canada's price objective suggests a potential upside of 58.73% from the stock's current price.

Other analysts also recently issued reports about the stock. Leerink Partnrs raised shares of MannKind to a "strong-buy" rating in a research report on Monday, September 9th. Oppenheimer increased their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 28th. Leerink Partners began coverage on MannKind in a research report on Monday, September 9th. They issued an "outperform" rating and a $8.00 price target for the company. Finally, StockNews.com lowered MannKind from a "buy" rating to a "hold" rating in a report on Saturday, December 7th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, MannKind has an average rating of "Buy" and an average target price of $8.86.

MannKind Stock Up 6.1 %

Shares of MNKD traded up $0.36 during midday trading on Thursday, reaching $6.30. 3,494,485 shares of the stock were exchanged, compared to its average volume of 2,661,538. 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 has a 50 day simple moving average of $6.75 and a 200-day simple moving average of $6.01. MannKind has a 12-month low of $3.17 and a 12-month high of $7.63.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now owns 967,191 shares of the company's stock, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven B. Binder sold 67,536 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the sale, the director now directly owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. The trade was a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 in the last 90 days. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On MannKind

A number of institutional investors and hedge funds have recently made changes to their positions in MNKD. Principal Financial Group Inc. grew its position in shares of MannKind by 401.8% in the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company's stock valued at $1,060,000 after purchasing an additional 134,937 shares during the period. Franklin Resources Inc. increased its holdings in MannKind by 3.0% during the third quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company's stock worth $1,047,000 after buying an additional 4,603 shares during the last quarter. Geode Capital Management LLC grew its position in shares of MannKind by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company's stock valued at $39,880,000 after acquiring an additional 24,031 shares during the period. Barclays PLC raised its holdings in shares of MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company's stock valued at $3,271,000 after purchasing an additional 338,121 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in MannKind in the 3rd quarter valued at about $413,000. Institutional investors own 49.55% of the company's stock.

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.