MannKind (NASDAQ:MNKD) Upgraded to “Strong-Buy” by Leerink Partnrs

Leerink Partnrs upgraded shares of MannKind (NASDAQ:MNKD) to a strong-buy rating in a research note issued to investors on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for MannKind’s Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at $0.04 EPS, FY2024 earnings at $0.11 EPS, Q1 2025 earnings at $0.03 EPS, Q2 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS, FY2025 earnings at $0.15 EPS and FY2026 earnings at $0.25 EPS.

A number of other research analysts have also issued reports on the company. Rodman & Renshaw began coverage on MannKind in a report on Thursday, June 13th. They issued a buy rating and a $8.00 target price for the company. Oppenheimer lifted their price target on MannKind from $10.00 to $12.00 and gave the stock an outperform rating in a report on Wednesday, August 28th. Finally, Leerink Partners began coverage on MannKind in a report on Monday. They set an outperform rating and a $8.00 price target for the company. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, MannKind presently has an average rating of Buy and a consensus target price of $8.67.

MannKind Trading Up 1.8 %

Shares of NASDAQ MNKD opened at $6.13 on Monday. MannKind has a twelve month low of $3.17 and a twelve month high of $6.44. The stock has a fifty day simple moving average of $5.60 and a 200-day simple moving average of $4.93. The stock has a market capitalization of $1.69 billion, a PE ratio of 204.40 and a beta of 1.32.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The firm had revenue of $72.39 million during the quarter, compared to analyst estimates of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. MannKind’s revenue was up 48.9% compared to the same quarter last year. During the same period last year, the business posted ($0.02) earnings per share. On average, equities analysts predict that MannKind will post 0.11 earnings per share for the current year.

Insiders Place Their Bets

In other MannKind news, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.33, for a total transaction of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Stuart A. Tross sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the sale, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares in the company, valued at approximately $6,385,654.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 197,997 shares of company stock worth $1,245,912. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. New Wave Wealth Advisors LLC purchased a new stake in MannKind in the 2nd quarter valued at approximately $151,000. Creative Planning increased its holdings in shares of MannKind by 42.6% during the 2nd quarter. Creative Planning now owns 132,777 shares of the biopharmaceutical company’s stock worth $693,000 after buying an additional 39,659 shares during the last quarter. Algert Global LLC acquired a new stake in shares of MannKind during the 2nd quarter worth $142,000. Mackenzie Financial Corp increased its holdings in MannKind by 65.4% in the 2nd quarter. Mackenzie Financial Corp now owns 32,848 shares of the biopharmaceutical company’s stock valued at $171,000 after purchasing an additional 12,985 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in MannKind by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock valued at $529,000 after purchasing an additional 3,374 shares in the last quarter. Hedge funds and other 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.