MannKind (NASDAQ:MNKD) Now Covered by Wedbush

Stock analysts at Wedbush started coverage on shares of MannKind (NASDAQ:MNKD) in a research report issued on Monday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $11.00 price target on the biopharmaceutical company’s stock. Wedbush’s target price would suggest a potential upside of 97.13% from the company’s previous close.

Other research analysts have also issued research reports about the stock. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, Wells Fargo & Company began coverage on shares of MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 target price on the stock. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $9.21.

MannKind Stock Performance

NASDAQ:MNKD opened at $5.58 on Monday. The company has a fifty day moving average of $6.24 and a two-hundred day moving average of $6.27. MannKind has a fifty-two week low of $3.38 and a fifty-two week high of $7.63. The stock has a market capitalization of $1.54 billion, a PE ratio of 79.71 and a beta of 1.28.

Insider Activity

In other news, Director Steven B. Binder sold 67,539 shares of the company’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 completion of the sale, the director now owns 1,075,026 shares in the company, valued at $7,267,175.76. This represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Several institutional investors have recently made changes to their positions in MNKD. Jacobs Levy Equity Management Inc. acquired a new stake in MannKind in the 3rd quarter worth approximately $12,252,000. 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 valued at $16,658,000 after acquiring an additional 1,000,600 shares in the last quarter. Parkman Healthcare Partners LLC increased its stake in MannKind by 37.1% in the third 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. Raymond James Financial Inc. acquired a new position in shares of MannKind in the 4th quarter worth approximately $4,209,000. Finally, Vanguard Group Inc. raised its stake in MannKind by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 16,058,557 shares of the biopharmaceutical company’s stock worth $103,257,000 after acquiring an additional 420,334 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.