MannKind Corporation (NASDAQ:MNKD) Sees Large Growth in Short Interest

MannKind Corporation (NASDAQ:MNKD) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 25,160,000 shares, a growth of 37.4% from the September 30th total of 18,310,000 shares. Approximately 8.4% of the shares of the stock are sold short. Based on an average daily volume of 4,540,000 shares, the short-interest ratio is presently 5.5 days. Based on an average daily volume of 4,540,000 shares, the short-interest ratio is presently 5.5 days. Approximately 8.4% of the shares of the stock are sold short.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MNKD shares. Wells Fargo & Company started coverage on shares of MannKind in a research note on Monday, October 20th. They issued an “overweight” rating and a $10.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Oppenheimer lifted their price objective on shares of MannKind from $12.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, September 5th. Leerink Partners assumed coverage on shares of MannKind in a report on Friday, October 10th. They issued an “outperform” rating and a $9.00 target price for the company. Finally, Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.86.

MannKind Price Performance

MNKD traded up $0.02 during midday trading on Tuesday, hitting $5.50. 1,601,458 shares of the company’s stock traded hands, compared to its average volume of 3,017,586. The company has a market cap of $1.69 billion, a PE ratio of 50.05 and a beta of 1.08. The stock’s fifty day simple moving average is $5.34 and its 200-day simple moving average is $4.53. MannKind has a one year low of $3.38 and a one year high of $7.63.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. On average, research analysts expect that MannKind will post 0.1 EPS for the current year.

Insider Activity

In other news, insider Stuart A. Tross sold 47,000 shares of MannKind stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total value of $250,980.00. Following the transaction, the insider owned 1,032,013 shares of the company’s stock, valued at $5,510,949.42. The trade was a 4.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNKD. Nuveen LLC bought a new position in MannKind during the first quarter worth $17,011,000. Millennium Management LLC increased its position in MannKind by 68.9% during the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after acquiring an additional 2,375,198 shares during the period. Vanguard Group Inc. increased its position in MannKind by 7.9% during the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock worth $87,131,000 after acquiring an additional 1,263,622 shares during the period. Geode Capital Management LLC boosted its stake in MannKind by 12.3% during the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after buying an additional 831,478 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in MannKind by 25.5% during the second quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock worth $15,206,000 after buying an additional 825,608 shares in the last quarter. Institutional investors own 49.55% of the company’s stock.

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.