MannKind (NASDAQ:MNKD) Trading 7.6% Higher After Analyst Upgrade

MannKind Co. (NASDAQ:MNKD)’s share price traded up 7.6% during mid-day trading on Thursday after Oppenheimer raised their price target on the stock from $10.00 to $12.00. Oppenheimer currently has an outperform rating on the stock. MannKind traded as high as $6.44 and last traded at $6.35. 3,889,609 shares changed hands during trading, an increase of 44% from the average session volume of 2,692,097 shares. The stock had previously closed at $5.90.

Several other research analysts also recently issued reports on MNKD. Cantor Fitzgerald reissued an “overweight” rating and set a $6.50 price objective on shares of MannKind in a research report on Thursday, May 9th. Rodman & Renshaw assumed 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. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, MannKind presently has a consensus rating of “Moderate Buy” and an average price target of $8.80.

Insider Transactions at MannKind

In other news, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the completion of the sale, the insider now owns 1,047,191 shares in the company, valued at $6,628,719.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the sale, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,997 shares of company stock worth $1,089,412. Company insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Several hedge funds and other institutional investors have recently made changes to their positions in MNKD. 9258 Wealth Management LLC acquired a new position in MannKind during the first quarter worth about $51,000. Meeder Asset Management Inc. acquired a new position in MannKind during the second quarter worth about $55,000. Brookstone Capital Management acquired a new position in MannKind during the second quarter worth about $61,000. Renaissance Technologies LLC acquired a new position in MannKind during the second quarter worth about $67,000. Finally, AJOVista LLC acquired a new position in MannKind during the fourth quarter worth about $71,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Price Performance

The company has a market cap of $1.70 billion, a price-to-earnings ratio of 208.67 and a beta of 1.32. The business’s 50-day simple moving average is $5.46 and its 200-day simple moving average is $4.78.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $72.39 million during the quarter, compared to analysts’ expectations of $64.81 million. MannKind had a net margin of 3.78% and a negative return on equity of 3.35%. The firm’s quarterly revenue was up 48.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.02) earnings per share. As a group, sell-side analysts forecast that MannKind Co. will post 0.1 EPS for the current 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.