MannKind Co. (NASDAQ:MNKD) Given Consensus Rating of “Buy” by Brokerages

Shares of MannKind Co. (NASDAQ:MNKD) have been given a consensus rating of “Buy” by the seven research firms that are currently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $8.67.

A number of equities research analysts have recently weighed in on the company. Leerink Partners assumed coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. Oppenheimer upped their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Rodman & Renshaw began coverage on MannKind in a research report on Thursday, June 13th. They set a “buy” rating and a $8.00 price target for the company. Finally, Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th.

Insider Buying and Selling at MannKind

In other news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the transaction, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,997 shares of company stock worth $1,245,912. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 9258 Wealth Management LLC purchased a new position in shares of MannKind in the first quarter valued at about $51,000. Meeder Asset Management Inc. bought a new stake in shares of MannKind in the second quarter worth about $55,000. Brookstone Capital Management bought a new stake in shares of MannKind in the second quarter worth about $61,000. Renaissance Technologies LLC bought a new stake in shares of MannKind in the second quarter worth about $67,000. Finally, EntryPoint Capital LLC increased its holdings in shares of MannKind by 60.9% in the first quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock worth $108,000 after purchasing an additional 9,008 shares during the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Performance

Shares of NASDAQ MNKD opened at $6.60 on Friday. The stock has a market cap of $1.80 billion, a PE ratio of 220.00 and a beta of 1.32. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $6.92. The stock has a fifty day moving average of $5.76 and a 200-day moving average of $5.05.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $64.81 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share. The company’s revenue was up 48.9% compared to the same quarter last year. On average, sell-side analysts predict that MannKind will post 0.11 EPS for the current year.

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.