Analysts Set MannKind Co. (NASDAQ:MNKD) Price Target at $9.07

Shares of MannKind Co. (NASDAQ:MNKD) have been assigned an average recommendation of “Buy” from the eight ratings firms that are covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $9.07.

A number of analysts have recently issued reports on MNKD shares. Wells Fargo & Company began coverage on MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 target price for the company. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th.

MannKind Stock Performance

MNKD opened at $6.09 on Friday. MannKind has a 1 year low of $3.17 and a 1 year high of $7.63. The company’s 50 day simple moving average is $6.46 and its 200 day simple moving average is $6.28. The stock has a market capitalization of $1.68 billion, a PE ratio of 87.00 and a beta of 1.29.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The business had revenue of $70.08 million during the quarter, compared to the consensus estimate of $77.27 million. As a group, sell-side analysts expect that MannKind will post 0.1 earnings per share for the current fiscal year.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now directly owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven B. Binder sold 67,539 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $6.76, for a total value of $456,563.64. Following the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 190,075 shares of company stock valued at $1,325,587 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several large investors have recently made changes to their positions in MNKD. China Universal Asset Management Co. Ltd. increased its position in MannKind by 10.6% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 58,475 shares of the biopharmaceutical company’s stock valued at $376,000 after acquiring an additional 5,585 shares during the period. New Wave Wealth Advisors LLC grew its stake in shares of MannKind by 78.6% in the fourth quarter. New Wave Wealth Advisors LLC now owns 50,000 shares of the biopharmaceutical company’s stock worth $322,000 after purchasing an additional 22,000 shares in the last quarter. 180 Wealth Advisors LLC raised its stake in shares of MannKind by 1.0% during the fourth quarter. 180 Wealth Advisors LLC now owns 2,105,707 shares of the biopharmaceutical company’s stock valued at $13,540,000 after purchasing an additional 21,170 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in MannKind by 401.8% in the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after purchasing an additional 134,937 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of MannKind by 3.0% in the third quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock valued at $1,047,000 after acquiring an additional 4,603 shares in the last quarter. Institutional investors and hedge funds 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.