MannKind (NASDAQ:MNKD) Sets New 12-Month High at $6.50

Shares of MannKind Co. (NASDAQ:MNKD) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $6.50 and last traded at $6.43, with a volume of 431961 shares. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Rodman & Renshaw began coverage on MannKind in a report on Thursday, June 13th. They issued a “buy” rating and a $8.00 price target for the company. Oppenheimer boosted their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Finally, Leerink Partners assumed coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, MannKind currently has a consensus rating of “Buy” and an average target price of $8.67.

MannKind Trading Up 1.5 %

The firm has a market capitalization of $1.81 billion, a PE ratio of 218.67 and a beta of 1.32. The firm’s fifty day moving average price is $5.70 and its 200 day moving average price is $5.01.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.01 by $0.04. The company had revenue of $72.39 million for the quarter, compared to analyst estimates of $64.81 million. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The firm’s revenue was up 48.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.02) earnings per share. On average, analysts predict that MannKind Co. will post 0.11 earnings per share for the current year.

Insider Buying and Selling

In other MannKind news, insider Stuart A. Tross sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the transaction, the insider now directly owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total transaction of $156,500.00. Following the sale, the insider now directly owns 1,022,191 shares of the company’s stock, valued at approximately $6,398,915.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the transaction, the executive vice president now owns 1,075,026 shares of the company’s stock, valued at approximately $6,385,654.44. The disclosure for this sale can be found here. Insiders have sold a total of 197,997 shares of company stock valued at $1,245,912 over the last ninety days. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MNKD. AQR Capital Management LLC increased its holdings in 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 acquiring an additional 3,214 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of MannKind by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock valued at $529,000 after purchasing an additional 3,374 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of MannKind by 6.0% during the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after purchasing an additional 3,861 shares in the last quarter. Mission Wealth Management LP raised its position in shares of MannKind by 18.2% during the 1st quarter. Mission Wealth Management LP now owns 26,650 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 4,100 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in MannKind by 9.0% in the 1st quarter. ProShare Advisors LLC now owns 65,811 shares of the biopharmaceutical company’s stock valued at $298,000 after buying an additional 5,416 shares in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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.