MannKind (NASDAQ:MNKD) Stock Price Up 7.4% Following Analyst Upgrade

Shares of MannKind Corporation (NASDAQ:MNKD) rose 7.4% during mid-day trading on Friday after Oppenheimer raised their price target on the stock from $12.00 to $15.00. Oppenheimer currently has an outperform rating on the stock. MannKind traded as high as $5.83 and last traded at $5.74. Approximately 2,953,421 shares changed hands during trading, an increase of 10% from the average daily volume of 2,690,595 shares. The stock had previously closed at $5.34.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company lifted their price objective on MannKind from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday. Royal Bank Of Canada upped their target price on MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 26th. HC Wainwright boosted their price target on MannKind from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $10.71.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the company’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the sale, the director owned 830,508 shares of the company’s stock, valued at $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On MannKind

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quaker Wealth Management LLC lifted its stake in shares of MannKind by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 14,000 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of MannKind by 1,379.2% in the second quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 6,896 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of MannKind in the fourth quarter worth about $37,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of MannKind in the second quarter worth about $42,000. Finally, Master S Wealth Management Inc. acquired a new position in shares of MannKind in the second quarter worth about $44,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Stock Up 3.7%

The company has a 50 day moving average of $4.00 and a 200 day moving average of $4.44. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 50.37 and a beta of 1.02.

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

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.