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

MannKind Co. (NASDAQ:MNKD) has earned an average recommendation of “Buy” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $8.88.

Several research analysts have recently commented on the company. Wells Fargo & Company initiated coverage on MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target on the stock. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $7.00 to $10.00 in a report on Thursday, December 19th. Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, StockNews.com lowered MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th.

Insider Buying and Selling at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven B. Binder sold 67,536 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the transaction, the director now directly owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. The trade was a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock valued at $1,325,587 over the last quarter. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its holdings in MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after buying an additional 3,107,598 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MannKind in the third quarter valued at $12,252,000. Two Sigma Advisers LP boosted its holdings in MannKind by 60.7% in the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the period. Parkman Healthcare Partners LLC grew its stake in MannKind by 37.1% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after purchasing an additional 894,486 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in MannKind by 421.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company’s stock worth $2,968,000 after purchasing an additional 381,298 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Stock Performance

Shares of MannKind stock opened at $6.52 on Tuesday. The business’s 50 day moving average price is $6.78 and its 200 day moving average price is $6.12. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 93.14 and a beta of 1.28. MannKind has a one year low of $3.17 and a one year high of $7.63.

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.