MannKind Corporation (NASDAQ:MNKD) Receives $9.71 Average Target Price from Analysts

Shares of MannKind Corporation (NASDAQ:MNKD) have earned a consensus recommendation of “Buy” from the eight analysts that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $9.7143.

A number of equities research analysts recently commented on MNKD shares. Wall Street Zen cut shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. HC Wainwright raised shares of MannKind to a “buy” rating and set a $9.00 price target for the company in a report on Wednesday, July 16th. Finally, Royal Bank Of Canada decreased their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Thursday, August 7th.

MannKind Stock Up 0.8%

NASDAQ:MNKD opened at $3.73 on Wednesday. MannKind has a 52 week low of $3.38 and a 52 week high of $7.63. The firm has a 50 day moving average of $3.80 and a 200 day moving average of $4.55. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 33.91 and a beta of 1.02.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.82 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. MannKind’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts expect that MannKind will post 0.1 EPS for the current year.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the sale, the director owned 830,508 shares in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 153,875 shares of company stock valued at $616,771 in the last quarter. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of MannKind

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gotham Asset Management LLC increased its stake in shares of MannKind by 22.4% in the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company’s stock worth $341,000 after acquiring an additional 9,717 shares during the period. Graham Capital Management L.P. acquired a new stake in shares of MannKind in the fourth quarter worth $10,229,000. Man Group plc increased its stake in shares of MannKind by 61.4% in the fourth quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company’s stock worth $3,719,000 after acquiring an additional 219,891 shares during the period. SG Americas Securities LLC increased its stake in shares of MannKind by 223.2% in the first quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company’s stock worth $460,000 after acquiring an additional 63,209 shares during the period. Finally, Barclays PLC increased its stake in shares of MannKind by 6.2% in the fourth quarter. Barclays PLC now owns 552,143 shares of the biopharmaceutical company’s stock worth $3,550,000 after acquiring an additional 32,278 shares during the period. Institutional investors and hedge funds 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.