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

MannKind Co. (NASDAQ:MNKD) has received a consensus rating of “Buy” from the eight ratings firms that are presently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $9.07.

Several research analysts recently commented on MNKD shares. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. Wells Fargo & Company started coverage on MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target for the company. Finally, StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th.

MannKind Price Performance

MNKD stock opened at $6.03 on Friday. The stock has a market capitalization of $1.66 billion, a P/E ratio of 86.14 and a beta of 1.29. The business has a 50-day moving average of $6.47 and a 200-day moving average of $6.26. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The company had revenue of $70.08 million during the quarter, compared to analysts’ expectations of $77.27 million. Equities analysts expect that MannKind will post 0.1 EPS for the current year.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 67,539 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the transaction, the director now owns 1,075,026 shares in the company, valued at approximately $7,267,175.76. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 190,075 shares of company stock worth $1,325,587 over the last 90 days. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of MannKind by 401.8% during the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after purchasing an additional 134,937 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of MannKind during the third quarter worth approximately $12,252,000. Barclays PLC grew its position in MannKind by 186.0% during the third quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock worth $3,271,000 after buying an additional 338,121 shares in the last quarter. International Assets Investment Management LLC grew its position in MannKind by 511.6% during the third quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock worth $558,000 after buying an additional 74,189 shares in the last quarter. Finally, Parkman Healthcare Partners LLC grew 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 buying an additional 894,486 shares in the last quarter. 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.