MannKind (NASDAQ:MNKD) Reaches New 1-Year High - What's Next?

MannKind Co. (NASDAQ:MNKD - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $7.30 and last traded at $7.30, with a volume of 7710 shares changing hands. The stock had previously closed at $7.17.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MNKD shares. Leerink Partners started coverage on MannKind in a research report on Monday, September 9th. They set an "outperform" rating and a $8.00 target price for the company. Leerink Partnrs upgraded MannKind to a "strong-buy" rating in a research report on Monday, September 9th. Finally, Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the company an "outperform" rating in a research report on Wednesday, August 28th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, MannKind presently has a consensus rating of "Buy" and an average target price of $8.67.

MannKind Stock Performance

The company has a fifty day moving average of $6.40 and a two-hundred day moving average of $5.47. The company has a market cap of $1.95 billion, a PE ratio of 177.29 and a beta of 1.30.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results 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 company had revenue of $72.39 million for the quarter, compared to analyst estimates of $64.81 million. During the same quarter in the prior year, the firm posted ($0.02) EPS. MannKind's quarterly revenue was up 48.9% compared to the same quarter last year. On average, equities analysts forecast that MannKind Co. will post 0.11 EPS for the current year.

Insiders Place Their Bets

In other MannKind news, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the sale, the insider now owns 1,022,191 shares in the company, valued at $6,398,915.66. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Stuart A. Tross sold 25,000 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total transaction of $156,500.00. Following the transaction, the insider now owns 1,022,191 shares in the company, valued at approximately $6,398,915.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 80,000 shares of the firm's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 195,161 shares of company stock worth $1,229,095 over the last quarter. Company insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On MannKind

Several institutional investors have recently made changes to their positions in the company. Millennium Management LLC increased its stake in shares of MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company's stock valued at $24,766,000 after buying an additional 3,107,598 shares during the period. TSP Capital Management Group LLC increased its stake in shares of MannKind by 196.0% during the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company's stock valued at $12,486,000 after buying an additional 1,583,800 shares during the period. 180 Wealth Advisors LLC boosted its position in MannKind by 4.7% during the second quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company's stock valued at $11,411,000 after purchasing an additional 91,924 shares in the last quarter. Bank of New York Mellon Corp boosted its position in MannKind by 14.4% during the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company's stock valued at $4,778,000 after purchasing an additional 115,390 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in MannKind by 25.0% during the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company's stock valued at $2,833,000 after purchasing an additional 124,888 shares in the last quarter. Hedge funds and other 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.