Cantor Fitzgerald Reiterates Overweight Rating for MannKind (NASDAQ:MNKD)

MannKind (NASDAQ:MNKD)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a research note issued on Friday, Benzinga reports. They currently have a $8.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 111.08% from the stock’s previous close.

MNKD has been the topic of several other research reports. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Wells Fargo & Company lowered their target price on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Zacks Research downgraded MannKind from a “hold” rating to a “strong sell” rating in a report on Thursday, September 3rd. Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.34.

MannKind Price Performance

MNKD stock opened at $3.79 on Friday. The company has a 50 day simple moving average of $4.03 and a 200 day simple moving average of $3.48. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -29.15 and a beta of 1.10. MannKind has a 1 year low of $2.23 and a 1 year high of $6.51.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share. On average, equities research analysts anticipate that MannKind will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling at MannKind

In other news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $4.06, for a total value of $158,547.06. Following the transaction, the director directly owned 785,867 shares of the company’s stock, valued at $3,190,620.02. The trade was a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several institutional investors have recently added to or reduced their stakes in MNKD. Caitong International Asset Management Co. Ltd increased its stake in shares of MannKind by 108.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 2,927 shares in the last quarter. International Assets Investment Management LLC bought a new position in MannKind during the fourth quarter worth $45,000. Huntington National Bank grew its holdings in MannKind by 420.0% in the fourth quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 8,400 shares during the period. Corient Private Wealth LP acquired a new stake in MannKind in the second quarter worth $47,000. Finally, Allworth Financial LP increased 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 valued at $47,000 after purchasing an additional 10,550 shares in 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).