MannKind (NASDAQ:MNKD) Share Price Crosses Above 50 Day Moving Average – What’s Next?

MannKind Corporation (NASDAQ:MNKD)’s share price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $3.57 and traded as high as $3.66. MannKind shares last traded at $3.65, with a volume of 3,174,864 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MNKD shares. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. 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. Truist Financial lowered their target price on MannKind from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Friday, October 2nd. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.08.

MannKind Stock Performance

The stock has a fifty day moving average of $3.57 and a 200-day moving average of $3.75. The company has a market cap of $1.17 billion, a PE ratio of -28.08 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $109.37 million for the quarter, compared to the consensus estimate of $108.08 million. During the same quarter in the previous year, the business earned $0.05 EPS. The company’s quarterly revenue was up 43.0% compared to the same quarter last year. As a group, equities analysts anticipate that MannKind Corporation will post -0.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven Binder sold 39,051 shares of the business’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 completion of the transaction, the director directly owned 713,258 shares of the company’s stock, valued at approximately $2,346,618.82. The trade was a 5.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 111,660 shares of company stock worth $414,881 in the last ninety days. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its position in shares of MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock valued at $33,419,000 after acquiring an additional 4,561,628 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in shares of MannKind by 11.9% during the second quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company’s stock worth $28,116,000 after purchasing an additional 700,000 shares during the period. Dimensional Fund Advisors LP boosted its position in MannKind by 11.5% in the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock valued at $12,134,000 after buying an additional 509,692 shares during the last quarter. 180 Wealth Advisors LLC boosted its position in MannKind by 45.0% in the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock valued at $10,515,000 after buying an additional 1,332,759 shares during the last quarter. Finally, TSP Capital Management Group LLC raised its position in MannKind by 5.2% during the 3rd quarter. TSP Capital Management Group LLC now owns 4,180,525 shares of the biopharmaceutical company’s stock worth $16,304,000 after buying an additional 207,850 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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).