Analysts Set MannKind Co. (NASDAQ:MNKD) Target Price at $9.21

MannKind Co. (NASDAQ:MNKD) has received an average rating of “Buy” from the eight analysts that are presently covering the firm, MarketBeat reports. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $9.21.

MNKD has been the topic of a number of recent analyst reports. StockNews.com upgraded MannKind from a “hold” rating to a “buy” rating in a research report on Friday, March 7th. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of MannKind in a research report on Thursday, February 27th. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Finally, Wells Fargo & Company started coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock.

Institutional Investors Weigh In On MannKind

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position 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 during the last quarter. State Street Corp boosted its holdings in shares of MannKind by 0.4% during the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after purchasing an additional 40,338 shares during the last quarter. Geode Capital Management LLC grew its position in shares of MannKind by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock valued at $40,996,000 after purchasing an additional 35,346 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after purchasing an additional 3,587,484 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock valued at $27,450,000 after purchasing an additional 798,469 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Stock Performance

Shares of MNKD opened at $5.21 on Friday. MannKind has a fifty-two week low of $3.97 and a fifty-two week high of $7.63. The company has a market capitalization of $1.58 billion, a P/E ratio of 74.43 and a beta of 1.27. The business’s 50-day moving average is $5.63 and its two-hundred day moving average is $6.26.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $76.78 million during the quarter, compared to the consensus estimate of $74.99 million. Analysts forecast that MannKind will post 0.1 EPS for the current year.

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.