MannKind Co. (NASDAQ:MNKD) Receives Consensus Rating of “Buy” from Analysts

Shares of MannKind Co. (NASDAQ:MNKD) have received an average recommendation of “Buy” from the seven brokerages that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $8.67.

A number of brokerages recently issued reports on MNKD. Rodman & Renshaw initiated coverage on MannKind in a report on Thursday, June 13th. They issued a “buy” rating and a $8.00 price target for the company. Leerink Partners assumed coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 target price for the company. Oppenheimer upped their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Finally, Leerink Partnrs raised MannKind to a “strong-buy” rating in a research report on Monday, September 9th.

Insiders Place Their Bets

In other MannKind news, CEO Michael Castagna sold 85,106 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the sale, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Castagna sold 85,106 shares of the 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 sale, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. 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 the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $5.94, for a total transaction of $30,026.70. Following the sale, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,997 shares of company stock valued at $1,245,912. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after buying an additional 3,107,598 shares during the last quarter. TSP Capital Management Group LLC increased its holdings in MannKind by 196.0% in the 2nd quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after purchasing an additional 1,583,800 shares during the last quarter. Parkman Healthcare Partners LLC increased its holdings in MannKind by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after purchasing an additional 429,677 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in MannKind in the 2nd quarter valued at approximately $1,524,000. Finally, Dark Forest Capital Management LP increased its holdings in MannKind by 1,551.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock valued at $1,441,000 after purchasing an additional 259,257 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Stock Performance

MNKD opened at $6.60 on Friday. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 220.00 and a beta of 1.32. The stock’s 50 day moving average price is $5.76 and its 200-day moving average price is $5.05. MannKind has a one year low of $3.17 and a one year high of $6.92.

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

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.