MannKind (NASDAQ:MNKD) Sets New 1-Year High at $6.50

MannKind Co. (NASDAQ:MNKD)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $6.50 and last traded at $6.43, with a volume of 431961 shares traded. The stock had previously closed at $6.27.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Leerink Partners began coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, Rodman & Renshaw began coverage on shares of MannKind in a research report on Thursday, June 13th. They set a “buy” rating and a $8.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, MannKind presently has an average rating of “Buy” and an average price target of $8.67.

MannKind Stock Performance

The company’s fifty day moving average price is $5.70 and its 200-day moving average price is $5.01. The stock has a market cap of $1.81 billion, a P/E ratio of 218.67 and a beta of 1.32.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.04. The business had revenue of $72.39 million during the quarter, compared to analyst estimates of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The company’s revenue for the quarter was up 48.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.02) earnings per share. Analysts anticipate that MannKind Co. will post 0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Steven B. Binder sold 5,055 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Stuart A. Tross sold 80,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $6.33, for a total transaction of $506,400.00. Following the transaction, the insider now directly owns 1,047,191 shares in the company, valued at $6,628,719.03. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the transaction, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. The disclosure for this sale can be found here. Insiders have sold 197,997 shares of company stock worth $1,245,912 in the last three months. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Several hedge funds and other institutional investors have recently bought and sold shares of MNKD. 9258 Wealth Management LLC bought a new position in shares of MannKind in the 1st quarter worth $51,000. Meeder Asset Management Inc. bought a new position in MannKind in the second quarter worth about $55,000. Brookstone Capital Management bought a new position in MannKind in the second quarter worth about $61,000. Renaissance Technologies LLC purchased a new stake in shares of MannKind during the second quarter valued at about $67,000. Finally, EntryPoint Capital LLC boosted its holdings in shares of MannKind by 60.9% in the 1st quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 9,008 shares in the last quarter. 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.