MannKind (NASDAQ:MNKD) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of MannKind (NASDAQ:MNKD) in a research report report published on Friday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $9.00 target price on the biopharmaceutical company’s stock.

MNKD has been the topic of a number of other reports. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 target price for the company. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $7.00 to $10.00 in a research note on Thursday. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, Oppenheimer increased their price objective on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, MannKind presently has an average rating of “Buy” and a consensus price target of $8.88.

MannKind Trading Up 8.7 %

Shares of MannKind stock opened at $6.85 on Friday. MannKind has a twelve month low of $3.17 and a twelve month high of $7.63. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 97.86 and a beta of 1.28. The business’s 50 day simple moving average is $6.76 and its 200-day simple moving average is $6.03.

Insider Activity

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

Institutional Investors Weigh In On MannKind

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