Cantor Fitzgerald Forecasts Strong Price Appreciation for MannKind (NASDAQ:MNKD) Stock

MannKind (NASDAQ:MNKD) had its price target upped by research analysts at Cantor Fitzgerald from $8.00 to $10.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald‘s price target points to a potential upside of 156.41% from the company’s current price.

Several other equities analysts also recently issued reports on the company. HC Wainwright reiterated a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. 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 note on Thursday, August 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research report on Friday, October 2nd. Chardan Capital began coverage on shares of MannKind in a research report on Monday, October 19th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, Truist Financial decreased their price target on shares of MannKind from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.33.

MannKind Stock Performance

NASDAQ:MNKD opened at $3.90 on Friday. The company has a 50-day moving average of $3.55 and a 200-day moving average of $3.71. MannKind has a 52 week low of $2.23 and a 52 week high of $6.51. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -16.96 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.05. The company had revenue of $101.87 million during the quarter, compared to the consensus estimate of $107.74 million. During the same quarter last year, the company earned $0.03 earnings per share. The business’s revenue was up 24.0% on a year-over-year basis. Sell-side analysts forecast that MannKind will post -0.21 EPS for the current year.

Insider Activity at MannKind

In related news, Director Steven Binder sold 39,051 shares of the business’s stock in a transaction on Friday, September 25th. The shares were sold at an average price of $3.29, for a total value of $128,477.79. Following the sale, 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 can be accessed through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alps Advisors Inc. lifted its position in shares of MannKind by 36.4% in the third quarter. Alps Advisors Inc. now owns 426,020 shares of the biopharmaceutical company’s stock valued at $1,661,000 after buying an additional 113,669 shares during the last quarter. CenterBook Partners LP acquired a new position in shares of MannKind during the 3rd quarter worth approximately $55,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of MannKind during the 3rd quarter worth approximately $64,000. International Assets Investment Management LLC raised its stake in MannKind by 185.7% in the 3rd quarter. International Assets Investment Management LLC now owns 30,000 shares of the biopharmaceutical company’s stock valued at $117,000 after acquiring an additional 19,500 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in MannKind by 15.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 71,469 shares of the biopharmaceutical company’s stock valued at $279,000 after acquiring an additional 9,799 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

More MannKind News

Here are the key news stories impacting MannKind this week:

• Positive Sentiment: Analysts raised price targets. Cantor Fitzgerald lifted its target to $10 from $8 and maintained an “overweight” rating. RBC raised its target to $5 from $4.75, while keeping a “sector perform” rating. Cantor Fitzgerald analyst information RBC price target report
• Positive Sentiment: Longer-term revenue and profitability outlook. MannKind expects its United Therapeutics agreement to generate about $1 billion in revenue from 2027 through 2030, and is targeting profitability in the fourth quarter. United Therapeutics deal and profitability outlook
• Neutral Sentiment: Quarterly results were mixed. MannKind’s revenue rose 24% year over year to $101.87 million, and its reported loss per share was narrower than the consensus estimate. MannKind third-quarter results
• Negative Sentiment: Revenue missed expectations, and the company remained loss-making. Sales of $101.87 million were below analysts’ $107.74 million estimate, while EPS was down from a profit in the year-ago quarter. Q3 loss and revenue miss

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. 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).