MannKind Co. (NASDAQ:MNKD) Given Consensus Recommendation of “Buy” by Brokerages

Shares of MannKind Co. (NASDAQ:MNKD) have received a consensus recommendation of “Buy” from the eight brokerages that are presently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $9.07.

A number of equities research analysts recently commented on the company. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Leerink Partners began coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Wells Fargo & Company began coverage on shares of MannKind in a research note on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Finally, Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $7.00 to $10.00 in a research report on Thursday, December 19th.

MannKind Stock Performance

MNKD opened at $6.38 on Tuesday. The company has a fifty day moving average price of $6.76 and a two-hundred day moving average price of $6.19. The firm has a market capitalization of $1.76 billion, a PE ratio of 91.14 and a beta of 1.29. MannKind has a 52 week low of $3.17 and a 52 week high of $7.63.

Insider Buying and Selling

In other news, Director Steven B. Binder sold 67,539 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 190,075 shares of company stock valued at $1,325,587. Company insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its stake in MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after buying an additional 3,107,598 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MannKind in the third quarter valued at about $12,252,000. Two Sigma Advisers LP raised its holdings in MannKind by 60.7% during the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after acquiring an additional 1,000,600 shares in the last quarter. Parkman Healthcare Partners LLC boosted its position in MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in MannKind by 421.3% in the third quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company’s stock valued at $2,968,000 after purchasing an additional 381,298 shares in the last quarter. Institutional investors own 49.55% of the company’s stock.

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.