MannKind (NASDAQ:MNKD) Reaches New 1-Year High - Still a Buy?

MannKind Co. (NASDAQ:MNKD - Get Free Report)'s share price reached a new 52-week high on Tuesday . The company traded as high as $7.09 and last traded at $6.95, with a volume of 591234 shares trading hands. The stock had previously closed at $6.82.

Analyst Ratings Changes

MNKD has been the subject of several analyst reports. Leerink Partnrs raised MannKind to a "strong-buy" rating in a research report on Monday, September 9th. Leerink Partners assumed coverage on shares of 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 boosted their price objective 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. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $8.67.

MannKind Stock Up 0.7 %

The stock has a fifty day moving average of $6.29 and a two-hundred day moving average of $5.41. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 229.00 and a beta of 1.31.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The firm had revenue of $72.39 million during the quarter, compared to the consensus estimate of $64.81 million. During the same period last year, the business posted ($0.02) EPS. MannKind's quarterly revenue was up 48.9% on a year-over-year basis. On average, research analysts expect that MannKind Co. will post 0.11 EPS for the current year.

Insider Activity

In related news, insider Stuart A. Tross sold 80,000 shares of MannKind stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total transaction of $506,400.00. Following the completion of the sale, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Michael Castagna sold 85,106 shares of the company's stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now owns 2,294,836 shares of the company's stock, valued at $14,457,466.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stuart A. Tross sold 80,000 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.33, for a total transaction of $506,400.00. Following the completion of the sale, the insider now directly owns 1,047,191 shares in the company, valued at $6,628,719.03. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,161 shares of company stock worth $1,229,095 over the last ninety days. 3.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. lifted its position in MannKind by 71.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 235,886 shares of the biopharmaceutical company's stock valued at $1,069,000 after buying an additional 98,282 shares in the last quarter. Mission Wealth Management LP boosted its position in MannKind by 18.2% during the 1st quarter. Mission Wealth Management LP now owns 26,650 shares of the biopharmaceutical company's stock worth $121,000 after purchasing an additional 4,100 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in MannKind by 5.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 186,532 shares of the biopharmaceutical company's stock valued at $845,000 after purchasing an additional 9,998 shares in the last quarter. Hunter Associates Investment Management LLC raised its position in MannKind by 16.4% in the first quarter. Hunter Associates Investment Management LLC now owns 56,870 shares of the biopharmaceutical company's stock valued at $259,000 after purchasing an additional 8,000 shares during the period. Finally, GSA Capital Partners LLP lifted its stake in shares of MannKind by 25.0% during the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company's stock worth $2,833,000 after purchasing an additional 124,888 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.