Wells Fargo & Company Begins Coverage on MannKind (NASDAQ:MNKD)

Stock analysts at Wells Fargo & Company started coverage on shares of MannKind (NASDAQ:MNKD) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $9.00 price target on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 42.86% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Leerink Partners began coverage on MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective on the stock. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $7.00 to $10.00 in a report on Thursday. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Finally, Oppenheimer upped their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $8.88.

MannKind Stock Up 6.1 %

Shares of NASDAQ:MNKD opened at $6.30 on Friday. MannKind has a 52-week low of $3.17 and a 52-week high of $7.63. The business’s 50 day moving average is $6.75 and its 200 day moving average is $6.01. The stock has a market cap of $1.74 billion, a P/E ratio of 90.00 and a beta of 1.28.

Insiders Place Their Bets

In related news, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction that occurred 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 owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven B. Binder sold 67,539 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the transaction, the director now directly owns 1,075,026 shares in the company, valued at $7,267,175.76. This trade represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 190,075 shares of company stock worth $1,325,587. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Several institutional investors have recently made changes to their positions in the company. State Street Corp raised its position in MannKind by 0.4% in the third quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after purchasing an additional 40,338 shares during the period. Geode Capital Management LLC lifted its position in MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after buying an additional 24,031 shares during the last quarter. Millennium Management LLC increased 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 valued at $24,766,000 after acquiring an additional 3,107,598 shares during the last quarter. Parkman Healthcare Partners LLC raised its stake in shares of MannKind by 37.1% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after acquiring an additional 894,486 shares during the period. Finally, Two Sigma Advisers LP boosted its position in shares of MannKind by 60.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after purchasing an additional 1,000,600 shares during the period. Hedge funds and other institutional investors 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.