MannKind (NASDAQ:MNKD) Hits New 52-Week High at $5.77

MannKind Co. (NASDAQ:MNKD)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $5.77 and last traded at $5.76, with a volume of 364623 shares trading hands. The stock had previously closed at $5.61.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.50 price target on shares of MannKind in a research note on Thursday, May 9th. Rodman & Renshaw began coverage on shares of MannKind in a research report on Thursday, June 13th. They set a “buy” rating and a $8.00 target price on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.00.

MannKind Price Performance

The firm has a market capitalization of $1.54 billion, a PE ratio of 187.06 and a beta of 1.32. The business’s 50-day moving average price is $4.81 and its 200-day moving average price is $4.28.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.02. MannKind had a negative return on equity of 3.35% and a net margin of 3.78%. The firm had revenue of $66.26 million during the quarter, compared to the consensus estimate of $60.55 million. During the same period last year, the company earned ($0.04) earnings per share. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. Equities analysts forecast that MannKind Co. will post 0.1 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP David Thomson sold 23,537 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $4.66, for a total transaction of $109,682.42. Following the completion of the sale, the executive vice president now directly owns 873,616 shares of the company’s stock, valued at $4,071,050.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of hedge funds and other institutional investors have recently bought and sold shares of MNKD. TSP Capital Management Group LLC acquired a new stake in MannKind in the first quarter valued at $3,661,000. Parkman Healthcare Partners LLC lifted its holdings in MannKind by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after acquiring an additional 429,677 shares during the period. 180 Wealth Advisors LLC lifted its holdings in MannKind by 12.6% in the first quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock valued at $8,798,000 after acquiring an additional 216,880 shares during the period. GSA Capital Partners LLP lifted its holdings in MannKind by 25.0% in the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company’s stock valued at $2,833,000 after acquiring an additional 124,888 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in MannKind by 44.3% in the fourth quarter. BNP Paribas Financial Markets now owns 373,044 shares of the biopharmaceutical company’s stock valued at $1,358,000 after acquiring an additional 114,460 shares during the period. Institutional investors and hedge funds 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.