MannKind (NASDAQ:MNKD) Raised to “Hold” at Wall Street Zen

MannKind (NASDAQ:MNKD) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other analysts have also issued reports about the stock. Chardan Capital assumed coverage on shares of MannKind in a research report on Monday, October 19th. They set a “buy” rating and a $10.00 target price on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research report on Friday, October 2nd. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Royal Bank Of Canada raised their price target on shares of MannKind from $4.75 to $5.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Wells Fargo & Company decreased their price objective on MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.33.

MannKind Price Performance

Shares of MNKD stock opened at $3.90 on Friday. MannKind has a one year low of $2.23 and a one year high of $6.51. The stock has a fifty day moving average price of $3.55 and a 200 day moving average price of $3.71. The stock has a market cap of $1.25 billion, a P/E ratio of -16.96 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.05. The business had revenue of $101.87 million during the quarter, compared to the consensus estimate of $107.74 million. During the same period last year, the firm earned $0.03 EPS. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. Equities research analysts anticipate that MannKind will post -0.21 EPS for the current year.

Insider Activity

In other MannKind news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction on Friday, September 25th. The stock was sold at an average price of $3.29, for a total transaction of $128,477.79. Following the completion of the transaction, the director directly owned 713,258 shares of the company’s stock, valued at approximately $2,346,618.82. This trade represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of hedge funds have recently made changes to their positions in the company. AdvisorNet Financial Inc acquired a new position in shares of MannKind in the 3rd quarter worth approximately $39,000. Sterling Capital Management LLC increased its holdings in MannKind by 864.1% during the 3rd quarter. Sterling Capital Management LLC now owns 10,422 shares of the biopharmaceutical company’s stock valued at $41,000 after purchasing an additional 9,341 shares in the last quarter. Corient Private Wealth LP acquired a new stake in MannKind during the 2nd quarter valued at $47,000. Allworth Financial LP raised its position in MannKind by 2,013.4% in the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 10,550 shares during the last quarter. Finally, Independent Financial Group LLC bought a new position in MannKind in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

Key MannKind News

Here are the key news stories impacting MannKind this week:

• Positive Sentiment: Analysts raised price targets. Cantor Fitzgerald lifted its target to $10 from $8 and maintained an “overweight” rating. RBC raised its target to $5 from $4.75, while keeping a “sector perform” rating. Cantor Fitzgerald analyst information RBC price target report
• Positive Sentiment: Longer-term revenue and profitability outlook. MannKind expects its United Therapeutics agreement to generate about $1 billion in revenue from 2027 through 2030, and is targeting profitability in the fourth quarter. United Therapeutics deal and profitability outlook
• Neutral Sentiment: Quarterly results were mixed. MannKind’s revenue rose 24% year over year to $101.87 million, and its reported loss per share was narrower than the consensus estimate. MannKind third-quarter results
• Negative Sentiment: Revenue missed expectations, and the company remained loss-making. Sales of $101.87 million were below analysts’ $107.74 million estimate, while EPS was down from a profit in the year-ago quarter. Q3 loss and revenue miss

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).