MannKind (NASDAQ:MNKD) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of MannKind (NASDAQ:MNKD) in a research report report published on Friday, Marketbeat reports. The brokerage issued an overweight rating and a $9.00 price objective on the biopharmaceutical company’s stock.

MNKD has been the subject of a number of other research reports. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $7.00 to $10.00 in a research note on Thursday. Oppenheimer boosted their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Leerink Partners assumed coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. Finally, StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.88.

MannKind Trading Up 8.7 %

Shares of NASDAQ MNKD opened at $6.85 on Friday. The firm has a market capitalization of $1.89 billion, a PE ratio of 97.86 and a beta of 1.28. MannKind has a one year low of $3.17 and a one year high of $7.63. The business has a 50-day moving average price of $6.76 and a two-hundred day moving average price of $6.03.

Insider Buying and Selling at MannKind

In related news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now directly owns 967,191 shares of the company’s stock, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven B. Binder sold 67,536 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value of $465,323.04. Following the transaction, the director now owns 1,075,026 shares in the company, valued at $7,406,929.14. This represents a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 190,075 shares of company stock valued at $1,325,587 in the last 90 days. 3.00% of the stock is currently owned by insiders.

Institutional Trading of MannKind

Several institutional investors have recently modified their holdings of MNKD. Principal Financial Group Inc. raised its stake in shares of MannKind by 401.8% in the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after purchasing an additional 134,937 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of MannKind by 3.0% in the 3rd quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock valued at $1,047,000 after buying an additional 4,603 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of MannKind by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after acquiring an additional 24,031 shares during the period. Barclays PLC boosted its position in shares of MannKind by 186.0% during the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock valued at $3,271,000 after acquiring an additional 338,121 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in MannKind in the third quarter valued at about $413,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

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.