MannKind Co. (NASDAQ:MNKD) Receives $8.67 Consensus Price Target from Brokerages

Shares of MannKind Co. (NASDAQ:MNKD) have earned a consensus rating of “Buy” from the seven brokerages that are covering the stock, Marketbeat reports. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $8.67.

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

MannKind Stock Down 1.1 %

MNKD opened at $6.20 on Friday. The stock has a fifty day moving average of $5.82 and a 200-day moving average of $5.10. The firm has a market capitalization of $1.69 billion, a P/E ratio of 206.67 and a beta of 1.32. MannKind has a 12-month low of $3.17 and a 12-month high of $6.92.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The business had revenue of $72.39 million for the quarter, compared to the consensus estimate of $64.81 million. During the same period in the prior year, the business posted ($0.02) earnings per share. MannKind’s revenue for the quarter was up 48.9% compared to the same quarter last year. On average, analysts expect that MannKind will post 0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MannKind news, insider Stuart A. Tross sold 80,000 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $6.33, for a total transaction of $506,400.00. Following the transaction, the insider now directly owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the transaction, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stuart A. Tross sold 80,000 shares of MannKind stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the completion of the transaction, the insider now owns 1,047,191 shares in the company, valued at $6,628,719.03. The disclosure for this sale can be found here. Insiders have sold 197,997 shares of company stock valued at $1,245,912 over the last three months. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

A number of institutional investors have recently made changes to their positions in MNKD. New Wave Wealth Advisors LLC acquired a new stake in MannKind during the second quarter worth about $151,000. Creative Planning raised its stake in shares of MannKind by 42.6% in the second quarter. Creative Planning now owns 132,777 shares of the biopharmaceutical company’s stock valued at $693,000 after acquiring an additional 39,659 shares during the last quarter. Algert Global LLC bought a new position in MannKind in the 2nd quarter worth approximately $142,000. Mackenzie Financial Corp raised its position in MannKind by 65.4% in the 2nd quarter. Mackenzie Financial Corp now owns 32,848 shares of the biopharmaceutical company’s stock worth $171,000 after purchasing an additional 12,985 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of MannKind by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock valued at $529,000 after acquiring an additional 3,374 shares during the last quarter. 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.