MannKind Co. (NASDAQ:MNKD) Receives Consensus Rating of “Buy” from Analysts

Shares of MannKind Co. (NASDAQ:MNKD) have earned a consensus recommendation of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $9.21.

Several research analysts recently weighed in on the company. StockNews.com lowered MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. Wedbush started coverage on MannKind in a research report on Monday, February 10th. They issued an “outperform” rating and a $11.00 target price on the stock. Finally, Wells Fargo & Company started coverage on MannKind in a research report on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price on the stock.

MannKind Stock Performance

NASDAQ:MNKD opened at $5.42 on Wednesday. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 77.43 and a beta of 1.28. MannKind has a 1-year low of $3.47 and a 1-year high of $7.63. The business’s fifty day moving average price is $6.12 and its 200 day moving average price is $6.27.

Insider Activity at MannKind

In other MannKind news, Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the sale, the director now owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. This trade represents a 5.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by corporate insiders.

Institutional Trading of MannKind

Hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of MannKind by 401.8% in the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after acquiring an additional 134,937 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in MannKind in the 3rd quarter valued at $12,252,000. Barclays PLC boosted its stake in MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock valued at $3,271,000 after buying an additional 338,121 shares in the last quarter. International Assets Investment Management LLC boosted its stake in MannKind by 511.6% in the 3rd quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock valued at $558,000 after buying an additional 74,189 shares in the last quarter. Finally, Parkman Healthcare Partners LLC boosted its stake in MannKind by 37.1% in the 3rd 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. 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.