Wedbush Lowers MannKind (NASDAQ:MNKD) Price Target to $8.00

MannKind (NASDAQ:MNKD) had its target price cut by Wedbush from $10.00 to $8.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price target suggests a potential upside of 206.51% from the company’s current price.

Other research analysts have also issued research reports about the company. Weiss Ratings lowered MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday. Truist Financial set a $9.00 price target on MannKind in a report on Monday, November 24th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $3.50 price objective (down from $7.50) on shares of MannKind in a report on Friday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $11.00 target price on shares of MannKind in a research report on Wednesday, February 25th. Finally, Wall Street Zen cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.06.

MannKind Trading Down 7.8%

MNKD opened at $2.61 on Thursday. The business’s 50 day moving average is $5.25 and its 200-day moving average is $5.32. The stock has a market cap of $804.14 million, a PE ratio of 130.57 and a beta of 0.83. MannKind has a twelve month low of $2.59 and a twelve month high of $6.51.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company earned $0.03 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. As a group, analysts forecast that MannKind will post 0.1 EPS for the current year.

Insiders Place Their Bets

In other news, insider Stuart A. Tross sold 47,006 shares of MannKind stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider directly owned 985,007 shares in the company, valued at approximately $6,235,094.31. This trade represents a 4.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Castagna sold 65,804 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total value of $395,482.04. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares in the company, valued at $15,053,799.92. This represents a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 154,926 shares of company stock valued at $945,726. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of MannKind by 51.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,047,869 shares of the biopharmaceutical company’s stock worth $10,997,000 after purchasing an additional 695,852 shares during the last quarter. Calamos Advisors LLC acquired a new stake in MannKind during the third quarter valued at approximately $1,240,000. Los Angeles Capital Management LLC lifted its stake in MannKind by 68.3% during the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock valued at $1,636,000 after purchasing an additional 177,440 shares during the last quarter. Geode Capital Management LLC boosted its holdings in MannKind by 12.3% during the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock worth $28,494,000 after buying an additional 831,478 shares in the last quarter. Finally, 180 Wealth Advisors LLC grew its position in MannKind by 11.2% in the third quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company’s stock worth $15,424,000 after buying an additional 290,276 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors.

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.