MannKind (NASDAQ:MNKD) Shares Gap Up – Should You Buy?

MannKind Corporation (NASDAQ:MNKD)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $2.86, but opened at $3.44. MannKind shares last traded at $4.0360, with a volume of 13,476,478 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MNKD shares. Mizuho decreased their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Monday, April 13th. Wells Fargo & Company upped their target price on MannKind from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Royal Bank Of Canada restated a “sector perform” rating and set a $3.50 target price (down from $7.50) on shares of MannKind in a report on Friday, February 27th. HC Wainwright restated a “buy” rating and set a $11.00 target price on shares of MannKind in a report on Wednesday, February 25th. Finally, Wedbush decreased their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, MannKind presently has a consensus rating of “Moderate Buy” and an average price target of $8.69.

MannKind Price Performance

The company has a market capitalization of $1.11 billion, a PE ratio of 179.34 and a beta of 1.04. The company has a 50 day moving average of $2.81 and a two-hundred day moving average of $4.61.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). MannKind had a negative return on equity of 11.21% and a net margin of 1.68%. On average, equities analysts anticipate that MannKind Corporation will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Michael Castagna purchased 100,000 shares of MannKind stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average cost of $2.59 per share, with a total value of $259,000.00. Following the completion of the purchase, the chief executive officer directly owned 2,575,911 shares in the company, valued at approximately $6,671,609.49. This trade represents a 4.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MannKind

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its stake in MannKind by 108.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 2,927 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of MannKind in the fourth quarter worth $45,000. Huntington National Bank grew its stake in shares of 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 acquiring an additional 8,400 shares during the last quarter. Burkett Financial Services LLC purchased a new stake in shares of MannKind in the fourth quarter worth $59,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of MannKind in the fourth quarter worth $60,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

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.