MannKind’s (MNKD) Outperform Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of MannKind (NASDAQ:MNKD) in a report published on Thursday,RTT News reports. The firm currently has a $11.00 target price on the biopharmaceutical company’s stock.

A number of other equities analysts also recently commented on MNKD. Wells Fargo & Company initiated coverage on shares of MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective for the company. StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $9.21.

MannKind Price Performance

MNKD stock opened at $5.34 on Thursday. The company has a fifty day moving average price of $5.98 and a 200 day moving average price of $6.28. MannKind has a 12 month low of $3.97 and a 12 month high of $7.63. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 76.29 and a beta of 1.28.

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

Institutional Investors Weigh In On MannKind

A number of large investors have recently added to or reduced their stakes in MNKD. Private Advisor Group LLC grew its stake in MannKind by 45.7% in the 3rd quarter. Private Advisor Group LLC now owns 30,585 shares of the biopharmaceutical company’s stock valued at $192,000 after acquiring an additional 9,588 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of MannKind by 511.6% during the 3rd quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock worth $558,000 after purchasing an additional 74,189 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 purchasing an additional 1,816 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of MannKind by 65.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 52,890 shares of the biopharmaceutical company’s stock worth $333,000 after purchasing an additional 20,896 shares during the last quarter. Finally, US Bancorp DE acquired a new stake in shares of MannKind during the 3rd quarter worth about $407,000. 49.55% of the stock is owned by institutional investors and hedge funds.

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.