Analysts Set MannKind Co. (NASDAQ:MNKD) PT at $8.80

MannKind Co. (NASDAQ:MNKD) has received a consensus rating of “Buy” from the five brokerages that are presently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $8.80.

A number of research analysts recently weighed in on MNKD shares. Rodman & Renshaw started coverage on shares of MannKind in a research report on Thursday, June 13th. They set a “buy” rating and a $8.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $6.50 price objective on shares of MannKind in a research report on Thursday, May 9th. Finally, Oppenheimer increased their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday.

Insiders Place Their Bets

In other news, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the sale, the chief executive officer now owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Stuart A. Tross sold 80,000 shares of MannKind stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Castagna sold 85,106 shares of MannKind stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. The disclosure for this sale can be found here. Insiders sold 172,997 shares of company stock valued at $1,089,412 in the last three months. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC grew its position in shares of MannKind by 8.1% in the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after buying an additional 3,214 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of MannKind by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after buying an additional 3,374 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of MannKind by 6.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after buying an additional 3,861 shares during the last quarter. Mission Wealth Management LP grew its position in shares of MannKind by 18.2% in the 1st quarter. Mission Wealth Management LP now owns 26,650 shares of the biopharmaceutical company’s stock worth $121,000 after buying an additional 4,100 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of MannKind by 9.0% in the 1st quarter. ProShare Advisors LLC now owns 65,811 shares of the biopharmaceutical company’s stock worth $298,000 after buying an additional 5,416 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Stock Down 1.1 %

NASDAQ:MNKD opened at $6.26 on Wednesday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 208.67 and a beta of 1.32. The company’s 50 day moving average price is $5.46 and its 200-day moving average price is $4.78. MannKind has a 52 week low of $3.17 and a 52 week high of $6.44.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $72.39 million for the quarter, compared to the consensus estimate of $64.81 million. MannKind had a net margin of 3.78% and a negative return on equity of 3.35%. The firm’s revenue for the quarter was up 48.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. As a group, sell-side analysts anticipate that MannKind will post 0.1 earnings per share 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.