MannKind (NASDAQ:MNKD) Coverage Initiated by Analysts at Wedbush

Wedbush began coverage on shares of MannKind (NASDAQ:MNKD) in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $11.00 price target on the biopharmaceutical company’s stock.

MNKD has been the topic of several other reports. Wells Fargo & Company started coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target on the stock. StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Finally, Royal Bank of Canada raised 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. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $9.21.

MannKind Trading Down 0.7 %

Shares of NASDAQ:MNKD opened at $5.59 on Monday. The stock has a market cap of $1.54 billion, a PE ratio of 79.86 and a beta of 1.28. The stock’s fifty day simple moving average is $6.27 and its two-hundred day simple moving average is $6.28. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63.

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the transaction, the director now owns 1,075,026 shares in the company, valued at $7,406,929.14. This trade 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. 3.00% of the stock is owned by company insiders.

Institutional Trading of MannKind

A number of institutional investors have recently modified their holdings of the business. Cibc World Markets Corp bought a new stake in MannKind during the 4th quarter valued at $162,000. Swiss National Bank grew its position in shares of MannKind by 1.8% in the fourth quarter. Swiss National Bank now owns 540,900 shares of the biopharmaceutical company’s stock valued at $3,478,000 after purchasing an additional 9,400 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of MannKind by 0.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,901,780 shares of the biopharmaceutical company’s stock valued at $12,228,000 after purchasing an additional 16,410 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in MannKind by 162.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 50,514 shares of the biopharmaceutical company’s stock worth $325,000 after purchasing an additional 31,294 shares in the last quarter. Finally, E Fund Management Co. Ltd. boosted its stake in MannKind by 9.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company’s stock worth $142,000 after purchasing an additional 1,828 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Company Profile

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.