MannKind Co. (NASDAQ:MNKD) Receives $8.88 Consensus PT from Analysts

MannKind Co. (NASDAQ:MNKD) has been given an average recommendation of “Buy” by the nine research firms that are currently covering the company, Marketbeat.com reports. Eight research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $8.88.

MNKD has been the subject of a number of analyst reports. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. Finally, Wells Fargo & Company started coverage on MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock.

MannKind Price Performance

MNKD opened at $6.60 on Tuesday. The company has a market capitalization of $1.82 billion, a PE ratio of 94.29 and a beta of 1.28. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63. The business has a 50-day moving average of $6.77 and a 200-day moving average of $6.15.

Insider Buying and Selling at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the transaction, the insider now directly owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven B. Binder sold 67,536 shares of the firm’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 transaction, the director now 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 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

A number of large investors have recently bought and sold shares of MNKD. Mirae Asset Global Investments Co. Ltd. grew its position in MannKind by 22.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,816 shares during the last quarter. National Bank of Canada FI increased its stake in shares of MannKind by 14.8% in the 3rd quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock valued at $136,000 after acquiring an additional 2,783 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of MannKind by 8.1% during the second quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after purchasing an additional 3,214 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in MannKind by 3.4% during the second quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after acquiring an additional 3,374 shares in the last quarter. Finally, 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 valued at $357,000 after purchasing an additional 3,861 shares during the period. 49.55% of the stock is currently owned by institutional investors.

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.