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

Shares of MannKind Co. (NASDAQ:MNKD) have been assigned an average rating of “Buy” from the eight ratings firms that are covering the firm, Marketbeat reports. Seven investment 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 target among brokers that have issued a report on the stock in the last year is $9.07.

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

Insider Buying and Selling

In other news, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction on 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 approximately $7,099,181.94. This represents a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the transaction, the director now owns 1,075,026 shares in the company, valued at $7,406,929.14. The trade was a 5.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On MannKind

Large investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of 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 during the period. Geode Capital Management LLC raised its position in MannKind by 0.4% during the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after purchasing an additional 24,031 shares in the last quarter. Millennium Management LLC raised its position in MannKind by 189.8% during the second 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 in the last quarter. Parkman Healthcare Partners LLC lifted its stake in MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after purchasing an additional 894,486 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its holdings 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 in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Price Performance

MannKind stock opened at $6.38 on Tuesday. The company’s 50-day moving average is $6.76 and its 200-day moving average is $6.19. The firm has a market capitalization of $1.76 billion, a PE ratio of 91.14 and a beta of 1.29. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63.

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.