MannKind (NASDAQ:MNKD) Shares Up 3.2%

MannKind Co. (NASDAQ:MNKD)’s share price rose 3.2% during mid-day trading on Thursday . The company traded as high as $6.49 and last traded at $6.49. Approximately 402,696 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 2,661,094 shares. The stock had previously closed at $6.29.

Analysts Set New Price Targets

Several equities analysts recently commented on MNKD shares. Leerink Partners assumed coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Oppenheimer raised their price objective on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Rodman & Renshaw assumed coverage on MannKind in a research report on Thursday, June 13th. They set a “buy” rating and a $8.00 price objective for the company. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $8.67.

MannKind Stock Up 2.9 %

The stock has a fifty day moving average of $5.84 and a two-hundred day moving average of $5.14. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 218.67 and a beta of 1.32.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $72.39 million during the quarter, compared to the consensus estimate of $64.81 million. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The company’s revenue for the quarter was up 48.9% on a year-over-year basis. During the same period last year, the firm earned ($0.02) EPS. On average, research analysts expect that MannKind Co. will post 0.11 EPS for the current year.

Insider Buying and Selling

In other MannKind news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the sale, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $6.33, for a total transaction of $506,400.00. Following the sale, the insider now directly owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 197,997 shares of company stock worth $1,245,912. 3.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its holdings in MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares during the period. TSP Capital Management Group LLC boosted its stake in shares of MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after purchasing an additional 1,583,800 shares during the period. Parkman Healthcare Partners LLC grew its holdings in MannKind by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after purchasing an additional 429,677 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in MannKind during the 2nd quarter worth $1,524,000. Finally, Dark Forest Capital Management LP lifted its holdings in MannKind by 1,551.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock worth $1,441,000 after buying an additional 259,257 shares in the last quarter. 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.