Mizuho Upgrades MannKind (NASDAQ:MNKD) to Strong-Buy

MannKind (NASDAQ:MNKD) was upgraded by stock analysts at Mizuho to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research firms have also commented on MNKD. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Wedbush reaffirmed an “outperform” rating and issued a $11.00 price target on shares of MannKind in a report on Thursday, February 27th. Finally, Wells Fargo & Company assumed coverage on MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, MannKind currently has an average rating of “Buy” and a consensus price target of $9.56.

MannKind Price Performance

Shares of NASDAQ:MNKD traded down $0.08 during trading hours on Wednesday, hitting $4.56. The company’s stock had a trading volume of 110,854 shares, compared to its average volume of 2,389,887. The firm’s fifty day moving average price is $5.22 and its 200 day moving average price is $6.08. MannKind has a 52 week low of $3.97 and a 52 week high of $7.63. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 65.16 and a beta of 1.22.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $76.78 million during the quarter, compared to analyst estimates of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. On average, equities research analysts predict that MannKind will post 0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MannKind

Several hedge funds have recently made changes to their positions in the company. Barclays PLC lifted its position in MannKind by 186.0% during the third quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock valued at $3,271,000 after purchasing an additional 338,121 shares during the period. Principal Financial Group Inc. grew its position in shares of MannKind by 401.8% during the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after acquiring an additional 134,937 shares during the period. HighTower Advisors LLC increased its stake in shares of MannKind by 300.2% in the 3rd quarter. HighTower Advisors LLC now owns 143,393 shares of the biopharmaceutical company’s stock valued at $903,000 after purchasing an additional 107,560 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in MannKind by 36.8% during the third quarter. The Manufacturers Life Insurance Company now owns 138,730 shares of the biopharmaceutical company’s stock worth $873,000 after purchasing an additional 37,295 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in MannKind by 358.6% in the fourth quarter. Victory Capital Management Inc. now owns 219,367 shares of the biopharmaceutical company’s stock valued at $1,411,000 after purchasing an additional 171,537 shares during the period. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Company Profile

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.