MannKind (NASDAQ:MNKD) Upgraded to “Outperform” at Royal Bank of Canada

MannKind (NASDAQ:MNKD) was upgraded by equities research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Thursday, MarketBeat.com reports. The firm presently has a $10.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $7.00. Royal Bank of Canada’s price objective indicates a potential upside of 45.99% from the stock’s current price.

A number of other equities analysts have also recently commented on MNKD. Oppenheimer lifted their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. StockNews.com lowered MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Leerink Partnrs raised MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Leerink Partners started coverage on shares of MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $8.88.

MannKind Price Performance

Shares of MNKD opened at $6.85 on Thursday. The company has a market cap of $1.89 billion, a PE ratio of 97.86 and a beta of 1.28. The firm has a 50-day moving average of $6.75 and a 200-day moving average of $6.01. MannKind has a one year low of $3.17 and a one year high of $7.63.

Insiders Place Their Bets

In related news, insider Stuart A. Tross sold 55,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now owns 967,191 shares of the company’s stock, valued at $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven B. Binder sold 67,539 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the sale, the director now owns 1,075,026 shares in the company, valued at $7,267,175.76. The trade was a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock worth $1,325,587 in the last quarter. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently made changes to their positions in MNKD. Meeder Asset Management Inc. bought a new position in MannKind in the second quarter valued at approximately $55,000. Brookstone Capital Management acquired a new stake in shares of MannKind in the 2nd quarter valued at $61,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,816 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of MannKind during the 2nd quarter worth $67,000. Finally, Quantinno Capital Management LP bought a new stake in shares of MannKind during the 3rd quarter worth $85,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.