MannKind (NASDAQ:MNKD) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of MannKind (NASDAQ:MNKD) in a research note released on Thursday morning,RTT News reports. The firm currently has a $11.00 price target on the biopharmaceutical company’s stock.

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

MannKind Price Performance

MNKD opened at $5.23 on Thursday. MannKind has a fifty-two week low of $3.86 and a fifty-two week high of $7.63. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 74.71 and a beta of 1.28. The company’s 50 day moving average price is $6.01 and its two-hundred day moving average price is $6.27.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The company had revenue of $76.78 million for the quarter, compared to the consensus estimate of $74.99 million. As a group, equities research analysts predict that MannKind will post 0.1 EPS for the current year.

Institutional Investors Weigh In On MannKind

Several hedge funds have recently made changes to their positions in MNKD. Vanguard Group Inc. raised its holdings in shares of MannKind by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 16,058,557 shares of the biopharmaceutical company’s stock valued at $103,257,000 after acquiring an additional 420,334 shares in the last quarter. State Street Corp raised its holdings in shares of MannKind by 0.4% in the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after purchasing an additional 40,338 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of MannKind by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock worth $40,996,000 after purchasing an additional 35,346 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of MannKind by 275.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after purchasing an additional 3,587,484 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in MannKind by 23.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock valued at $27,450,000 after buying an additional 798,469 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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.