MannKind (NASDAQ:MNKD) Upgraded to Hold at Zacks Research
by Teresa Graham · The Cerbat GemZacks Research upgraded shares of MannKind (NASDAQ:MNKD – Free Report) from a strong sell rating to a hold rating in a research report released on Wednesday morning,Zacks.com reports.
Several other research analysts have also weighed in on MNKD. Weiss Ratings lowered MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Wells Fargo & Company lowered their price objective on MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Mizuho lowered their price objective on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Monday. Royal Bank Of Canada reissued a “sector perform” rating and issued a $3.50 price objective (down from $7.50) on shares of MannKind in a research report on Friday, February 27th. Finally, Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, MannKind currently has an average rating of “Moderate Buy” and an average price target of $8.56.
Read Our Latest Analysis on MNKD
MannKind Trading Up 1.3%
MNKD stock opened at $2.79 on Wednesday. The stock has a 50-day moving average price of $3.45 and a 200-day moving average price of $4.82. MannKind has a 1-year low of $2.23 and a 1-year high of $6.51. The firm has a market cap of $860.00 million, a PE ratio of 139.32 and a beta of 1.04.
MannKind (NASDAQ:MNKD – Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a negative return on equity of 11.21% and a net margin of 1.68%.The business had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. During the same period last year, the business posted $0.03 earnings per share. The business’s revenue was up 45.8% on a year-over-year basis. On average, analysts forecast that MannKind will post 0.1 earnings per share for the current year.
Insider Activity at MannKind
In other news, CEO Michael Castagna bought 100,000 shares of MannKind stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $259,000.00. Following the purchase, the chief executive officer directly owned 2,575,911 shares in the company, valued at approximately $6,671,609.49. This represents a 4.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On MannKind
A number of hedge funds have recently added to or reduced their stakes in MNKD. Rubric Capital Management LP acquired a new position in MannKind during the 3rd quarter valued at about $61,297,000. Frazier Life Sciences Management L.P. acquired a new position in MannKind during the 4th quarter valued at about $23,956,000. State Street Corp boosted its stake in MannKind by 36.2% during the 4th quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock valued at $82,914,000 after purchasing an additional 3,883,071 shares during the last quarter. UBS Group AG boosted its stake in MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in MannKind by 316.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares during the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.
MannKind Company Profile
MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.
Afrezza received U.S.