Brokerages Set MannKind Co. (NASDAQ:MNKD) Target Price at $8.67

MannKind Co. (NASDAQ:MNKD) has earned a consensus recommendation of “Buy” from the seven analysts that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $8.67.

A number of brokerages have issued reports on MNKD. Leerink Partners initiated coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target for the company. StockNews.com upgraded MannKind from a “hold” rating to a “buy” rating in a research note on Monday. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Oppenheimer raised their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th.

Insider Activity at MannKind

In related news, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total transaction of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other MannKind news, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the transaction, the executive vice president now owns 1,075,026 shares in the company, valued at approximately $6,385,654.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stuart A. Tross sold 80,000 shares of MannKind stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $6.33, for a total transaction of $506,400.00. Following the completion of the sale, the insider now directly owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,161 shares of company stock worth $1,632,795 in the last 90 days. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On MannKind

A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its holdings in MannKind by 421.3% in the third quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company’s stock valued at $2,968,000 after acquiring an additional 381,298 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of MannKind by 36.8% in the third quarter. The Manufacturers Life Insurance Company now owns 138,730 shares of the biopharmaceutical company’s stock valued at $873,000 after purchasing an additional 37,295 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in MannKind by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,224,829 shares of the biopharmaceutical company’s stock worth $13,994,000 after buying an additional 42,041 shares in the last quarter. Intech Investment Management LLC acquired a new position in MannKind during the third quarter worth about $395,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in MannKind by 15.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company’s stock valued at $11,859,000 after buying an additional 251,587 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Trading Down 1.7 %

Shares of MNKD opened at $6.96 on Monday. The firm’s fifty day simple moving average is $6.60 and its 200-day simple moving average is $5.63. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 99.43 and a beta of 1.30. MannKind has a twelve month low of $3.17 and a twelve month high of $7.63.

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.