MannKind (NASDAQ:MNKD) Releases Quarterly Earnings Results, Hits Expectations

MannKind (NASDAQ:MNKD) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03, Zacks reports. The company had revenue of $76.78 million for the quarter, compared to analyst estimates of $74.99 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%.

MannKind Trading Up 2.4 %

Shares of MNKD traded up $0.13 during trading hours on Friday, reaching $5.36. 390,401 shares of the company traded hands, compared to its average volume of 1,928,811. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 76.21 and a beta of 1.28. MannKind has a 12-month low of $3.97 and a 12-month high of $7.63. The stock’s fifty day moving average price is $6.01 and its 200 day moving average price is $6.27.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a research note on Wednesday. Wells Fargo & Company assumed coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target for the company. Wedbush restated an “outperform” rating and issued a $11.00 price objective on shares of MannKind in a report on Thursday. Finally, Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $9.21.

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.