MannKind Co. (NASDAQ:MNKD) Receives Average Recommendation of “Buy” from Analysts

MannKind Co. (NASDAQ:MNKD) has been given a consensus recommendation of “Buy” by the seven brokerages that are currently covering the stock, MarketBeat reports. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $8.67.

Several brokerages recently issued reports on MNKD. StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a report on Friday, November 29th. Leerink Partnrs raised MannKind to a “strong-buy” rating in a report on Monday, September 9th. Oppenheimer raised their target price on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Leerink Partners assumed coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company.

MannKind Trading Down 1.0 %

MNKD opened at $6.73 on Friday. The firm has a 50 day moving average of $6.73 and a two-hundred day moving average of $5.89. The firm has a market capitalization of $1.86 billion, a PE ratio of 96.14 and a beta of 1.28. MannKind has a 12-month low of $3.17 and a 12-month high of $7.63.

Insider Buying and Selling

In other news, insider Stuart A. Tross sold 55,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares of the company’s stock, valued at $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven B. Binder sold 67,536 shares of the firm’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 transaction, the director now directly owns 1,075,026 shares in the company, valued at $7,406,929.14. This represents a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds have recently made changes to their positions in the company. State Street Corp raised its stake in MannKind by 0.4% in the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after purchasing an additional 40,338 shares during the last quarter. Geode Capital Management LLC raised its position in shares of MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after buying an additional 24,031 shares during the last quarter. Millennium Management LLC lifted its stake in shares of MannKind by 189.8% in the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after buying an additional 3,107,598 shares in the last quarter. Parkman Healthcare Partners LLC boosted its position in MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after acquiring an additional 894,486 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in MannKind by 60.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after acquiring an additional 1,000,600 shares in the last quarter. Institutional investors and hedge funds 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.