MannKind Co. (NASDAQ:MNKD) Given Average Rating of “Buy” by Analysts

MannKind Co. (NASDAQ:MNKD) has been assigned an average rating of “Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $9.07.

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

Insider Activity

In related news, Director Steven B. Binder sold 67,536 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the transaction, the director now directly owns 1,075,026 shares in the company, valued at $7,406,929.14. This trade represents a 5.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 in the last quarter. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

Several large investors have recently made changes to their positions in the business. State Street Corp increased its position in MannKind by 0.4% during the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after buying an additional 40,338 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after acquiring an additional 24,031 shares during the last quarter. Millennium Management LLC increased its holdings 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 in the last quarter. Parkman Healthcare Partners LLC raised its position 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 worth $20,783,000 after purchasing an additional 894,486 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its stake in MannKind by 60.7% in 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 in the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Price Performance

Shares of MNKD stock opened at $6.48 on Tuesday. The business has a 50-day moving average of $6.77 and a 200 day moving average of $6.17. The stock has a market capitalization of $1.79 billion, a PE ratio of 92.57 and a beta of 1.29. MannKind has a 1-year low of $3.17 and a 1-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.