MannKind (NASDAQ:MNKD) Stock Rating Upgraded by Zacks Research

MannKind (NASDAQ:MNKD) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

MNKD has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Thursday, January 8th. Royal Bank Of Canada lowered their target price on MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, November 11th. Leerink Partners initiated coverage on MannKind in a report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price objective for the company. Truist Financial set a $9.00 target price on shares of MannKind in a report on Monday, November 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $10.06.

MannKind Stock Performance

MNKD stock traded down $0.05 during midday trading on Monday, reaching $5.60. The company’s stock had a trading volume of 822,082 shares, compared to its average volume of 3,456,405. MannKind has a 1 year low of $3.38 and a 1 year high of $6.51. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 56.05 and a beta of 0.81. The stock has a fifty day simple moving average of $5.60 and a two-hundred day simple moving average of $4.99.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $82.13 million for the quarter, compared to analysts’ expectations of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 earnings per share. As a group, analysts forecast that MannKind will post 0.1 EPS for the current fiscal year.

Insider Activity at MannKind

In related news, CEO Michael Castagna sold 107,920 shares of MannKind stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $5.57, for a total value of $601,114.40. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares in the company, valued at $13,951,691.44. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sanjay R. Singh sold 18,777 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $5.03, for a total transaction of $94,448.31. Following the transaction, the executive vice president owned 455,211 shares in the company, valued at $2,289,711.33. The trade was a 3.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 281,623 shares of company stock valued at $1,641,289 in the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNKD. AQR Capital Management LLC raised its position in shares of MannKind by 19.8% during the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 9,160 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MannKind by 3.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock valued at $1,059,000 after acquiring an additional 6,079 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of MannKind by 8.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock worth $3,374,000 after acquiring an additional 53,202 shares during the last quarter. Rhumbline Advisers increased its position in shares of MannKind by 4.4% during the first quarter. Rhumbline Advisers now owns 399,033 shares of the biopharmaceutical company’s stock worth $2,007,000 after purchasing an additional 16,807 shares in the last quarter. Finally, Aaron Wealth Advisors LLC raised its stake in MannKind by 14.0% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 200,450 shares of the biopharmaceutical company’s stock valued at $750,000 after purchasing an additional 24,693 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

About MannKind

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.