MannKind (NASDAQ:MNKD) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of MannKind (NASDAQ:MNKD) from a strong sell rating to a hold rating in a research report report published on Monday morning,Zacks reports.

Several other research firms have also recently weighed in on MNKD. Wall Street Zen cut shares of MannKind from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $8.00 target price on shares of MannKind in a research note on Friday, September 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a research report on Friday. Wells Fargo & Company decreased their price target on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Finally, HC Wainwright restated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Seven 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $8.34.

MannKind Stock Performance

NASDAQ MNKD opened at $3.71 on Monday. The stock has a 50-day simple moving average of $3.85 and a 200 day simple moving average of $3.53. MannKind has a twelve month low of $2.23 and a twelve month high of $6.51. The stock has a market capitalization of $1.19 billion, a PE ratio of -28.54 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $109.37 million for the quarter, compared to analyst estimates of $108.08 million. During the same quarter last year, the firm earned $0.05 earnings per share. The firm’s quarterly revenue was up 43.0% compared to the same quarter last year. As a group, equities research analysts forecast that MannKind will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other MannKind news, Director Steven Binder sold 39,051 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $3.29, for a total value of $128,477.79. Following the sale, the director directly owned 713,258 shares in the company, valued at $2,346,618.82. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 111,660 shares of company stock valued at $414,881. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On MannKind

Several large investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC boosted its position in MannKind by 41.6% in the second quarter. Sequoia Financial Advisors LLC now owns 69,703 shares of the biopharmaceutical company’s stock valued at $297,000 after buying an additional 20,480 shares in the last quarter. WINTON GROUP Ltd bought a new stake in MannKind during the 2nd quarter worth approximately $197,000. Integrated Wealth Concepts LLC acquired a new stake in MannKind during the 2nd quarter valued at $78,000. Squarepoint Ops LLC bought a new position in MannKind in the 2nd quarter valued at $1,760,000. Finally, Allworth Financial LP boosted its stake in MannKind by 2,013.4% in the second quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock worth $47,000 after purchasing an additional 10,550 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. 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).