MannKind (NASDAQ:MNKD) Rating Increased to Buy at StockNews.com

MannKind (NASDAQ:MNKD) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

Several other analysts have also recently issued reports on the stock. Oppenheimer increased their price target on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Leerink Partners began coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.67.

MannKind Trading Up 2.6 %

MNKD stock opened at $6.78 on Friday. The business’s fifty day moving average price is $6.71 and its 200 day moving average price is $5.83. MannKind has a 12-month low of $3.17 and a 12-month high of $7.63. The company has a market capitalization of $1.87 billion, a PE ratio of 96.86 and a beta of 1.30.

Insiders Place Their Bets

In other news, Director Steven B. Binder sold 67,536 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. This represents a 5.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $156,500.00. Following the completion of the transaction, the insider now owns 1,022,191 shares in the company, valued at approximately $6,398,915.66. The trade was a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 215,075 shares of company stock worth $1,482,087 in the last 90 days. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake in MannKind by 0.4% during the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after acquiring an additional 40,338 shares in the last quarter. Geode Capital Management LLC increased its position in shares of MannKind by 0.4% during the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after purchasing an additional 24,031 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after purchasing an additional 3,107,598 shares during the last quarter. Parkman Healthcare Partners LLC boosted its position in shares of MannKind by 37.1% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares during the period. Finally, Two Sigma Advisers LP boosted its position in shares of MannKind by 60.7% in the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

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.