MannKind (NASDAQ:MNKD) Sets New 52-Week High – What’s Next?

MannKind Co. (NASDAQ:MNKD) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $7.30 and last traded at $7.30, with a volume of 7710 shares changing hands. The stock had previously closed at $7.17.

Analysts Set New Price Targets

A number of research firms have weighed in on MNKD. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Leerink Partners assumed coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Finally, Oppenheimer boosted their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $8.67.

MannKind Stock Performance

The firm’s 50 day moving average price is $6.47 and its 200-day moving average price is $5.51. The firm has a market capitalization of $2.00 billion, a PE ratio of 181.50 and a beta of 1.30.

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

Insider Buying and Selling at MannKind

In other news, CEO Michael Castagna sold 85,106 shares of the business’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 transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other MannKind news, CEO Michael Castagna sold 85,106 shares of MannKind stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the transaction, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 1,047,191 shares of the company’s stock, 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. In the last quarter, insiders sold 195,161 shares of company stock worth $1,229,095. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of hedge funds and other institutional investors have recently modified their holdings of MNKD. Susquehanna Fundamental Investments LLC purchased a new stake in shares of MannKind in the first quarter valued at approximately $450,000. SG Americas Securities LLC purchased a new stake in MannKind during the 3rd quarter worth $546,000. Bank of New York Mellon Corp raised its position in shares of MannKind by 14.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after purchasing an additional 115,390 shares in the last quarter. Millennium Management LLC lifted its position in shares of MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after purchasing an additional 3,107,598 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in MannKind in the second quarter worth about $1,524,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.