MannKind (NASDAQ:MNKD) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a buy rating in a research note published on Wednesday morning.

A number of other analysts have also recently weighed in on the stock. Wedbush initiated coverage on shares of MannKind in a research note on Monday, February 10th. They issued an “outperform” rating and a $11.00 target price on the stock. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, Wells Fargo & Company started coverage on shares of MannKind in a research note on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price on the stock. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, MannKind has a consensus rating of “Buy” and an average price target of $9.21.

MannKind Stock Performance

NASDAQ:MNKD opened at $5.47 on Wednesday. The firm’s 50-day moving average is $6.04 and its 200-day moving average is $6.28. MannKind has a 52-week low of $3.57 and a 52-week high of $7.63. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 78.14 and a beta of 1.28.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $76.78 million for the quarter, compared to the consensus estimate of $74.99 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. Equities analysts predict that MannKind will post 0.1 EPS for the current year.

Hedge Funds Weigh In On MannKind

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in MannKind by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 16,058,557 shares of the biopharmaceutical company’s stock valued at $103,257,000 after acquiring an additional 420,334 shares during the last quarter. State Street Corp boosted its stake in MannKind by 0.4% in the third quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after acquiring an additional 40,338 shares during the last quarter. Geode Capital Management LLC boosted its stake in MannKind by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock valued at $40,996,000 after acquiring an additional 35,346 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after acquiring an additional 3,587,484 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its stake in MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock valued at $27,450,000 after acquiring an additional 798,469 shares during the last quarter. 49.55% of the stock is 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.