StockNews.com Upgrades MannKind (NASDAQ:MNKD) to “Buy”

MannKind (NASDAQ:MNKD) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

MNKD has been the topic of a number of other research reports. Wedbush initiated coverage on MannKind in a research note on Monday, February 10th. They set an “outperform” rating and a $11.00 price objective on the stock. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $7.00 to $10.00 in a report on Thursday, December 19th. Finally, Wells Fargo & Company initiated coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target for the company. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $9.21.

MannKind Trading Down 4.4 %

NASDAQ:MNKD opened at $5.23 on Wednesday. The company has a market capitalization of $1.44 billion, a P/E ratio of 74.71 and a beta of 1.28. The firm has a 50-day moving average price of $6.01 and a two-hundred day moving average price of $6.27. MannKind has a twelve month low of $3.86 and a twelve month high of $7.63.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $76.78 million during the quarter, compared to analysts’ expectations of $74.99 million. On average, equities research analysts predict that MannKind will post 0.1 earnings per share for the current year.

Institutional Investors Weigh In On MannKind

Hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new stake in shares of MannKind during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp grew its holdings in MannKind by 3,294.8% during the 4th quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock valued at $42,000 after purchasing an additional 6,392 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in MannKind by 22.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after buying an additional 1,816 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in MannKind in the 4th quarter worth $65,000. Finally, Beirne Wealth Consulting Services LLC purchased a new position in MannKind in the 4th quarter valued at about $66,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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.