MannKind (NASDAQ:MNKD) Hits New 52-Week High at $5.77

Shares of MannKind Co. (NASDAQ:MNKD) hit a new 52-week high during trading on Friday . The stock traded as high as $5.77 and last traded at $5.76, with a volume of 364623 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

MNKD has been the subject of several research reports. Rodman & Renshaw assumed coverage on shares of MannKind in a report on Thursday, June 13th. They issued a “buy” rating and a $8.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.50 price objective on shares of MannKind in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.00.

MannKind Stock Performance

The stock has a market capitalization of $1.55 billion, a PE ratio of 190.06 and a beta of 1.32. The firm’s 50 day moving average is $4.84 and its two-hundred day moving average is $4.29.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $66.26 million for the quarter, compared to analyst estimates of $60.55 million. MannKind had a negative return on equity of 3.35% and a net margin of 3.78%. The company’s revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) earnings per share. On average, analysts anticipate that MannKind Co. will post 0.1 EPS for the current year.

Insider Activity

In related news, EVP David Thomson sold 23,537 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $4.66, for a total transaction of $109,682.42. Following the sale, the executive vice president now directly owns 873,616 shares in the company, valued at $4,071,050.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in MannKind by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,054 shares of the biopharmaceutical company’s stock worth $780,000 after buying an additional 9,410 shares during the last quarter. EntryPoint Capital LLC lifted its stake in MannKind by 60.9% during the first quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock worth $108,000 after purchasing an additional 9,008 shares during the last quarter. ProShare Advisors LLC boosted its holdings in MannKind by 9.0% in the first quarter. ProShare Advisors LLC now owns 65,811 shares of the biopharmaceutical company’s stock valued at $298,000 after purchasing an additional 5,416 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in MannKind in the first quarter valued at approximately $450,000. Finally, 9258 Wealth Management LLC acquired a new stake in MannKind during the first quarter worth approximately $51,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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.