MannKind Co. (NASDAQ:MNKD) Receives Average Recommendation of “Buy” from Brokerages

MannKind Co. (NASDAQ:MNKD) has received an average rating of “Buy” from the eight brokerages that are presently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $9.07.

A number of equities research analysts recently commented on the stock. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. 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. Wells Fargo & Company started coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 target price on the stock. Finally, Leerink Partners began coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company.

Insiders Place Their Bets

In other MannKind news, Director Steven B. Binder sold 67,539 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $6.76, for a total value of $456,563.64. Following the completion of the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. The trade was a 5.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 190,075 shares of company stock worth $1,325,587 in the last ninety days. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of MannKind by 401.8% during the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after buying an additional 134,937 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in MannKind during the third quarter valued at approximately $12,252,000. Barclays PLC raised its stake in shares of MannKind by 186.0% during the third quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock worth $3,271,000 after acquiring an additional 338,121 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of MannKind by 511.6% in the 3rd quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock worth $558,000 after acquiring an additional 74,189 shares during the last quarter. Finally, Parkman Healthcare Partners LLC boosted its stake in shares of MannKind by 37.1% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares in the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Price Performance

Shares of MannKind stock opened at $6.48 on Tuesday. The firm has a market cap of $1.79 billion, a PE ratio of 92.57 and a beta of 1.29. MannKind has a 1 year low of $3.17 and a 1 year high of $7.63. The stock has a fifty day moving average price of $6.77 and a 200-day moving average price of $6.17.

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.