MannKind (NASDAQ:MNKD) Sets New 52-Week High at $6.50

MannKind Co. (NASDAQ:MNKD) reached a new 52-week high on Monday . The company traded as high as $6.50 and last traded at $6.43, with a volume of 431961 shares. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MNKD. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partners initiated coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. Finally, Rodman & Renshaw initiated coverage on MannKind in a research note on Thursday, June 13th. They issued a “buy” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, MannKind currently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Stock Up 4.5 %

The company has a market cap of $1.80 billion, a price-to-earnings ratio of 222.07 and a beta of 1.32. The firm has a 50 day moving average price of $5.65 and a two-hundred day moving average price of $4.97.

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

Insider Activity at MannKind

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

Institutional Trading of MannKind

Several large investors have recently made changes to their positions in MNKD. Millennium Management LLC boosted its holdings in MannKind by 189.8% in the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares in the last quarter. TSP Capital Management Group LLC grew its position in MannKind by 196.0% in the 2nd quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after purchasing an additional 1,583,800 shares during the period. Parkman Healthcare Partners LLC increased its stake in MannKind by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after purchasing an additional 429,677 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in MannKind during the second quarter worth $1,524,000. Finally, Dark Forest Capital Management LP lifted its stake in shares of MannKind by 1,551.2% in the second quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock valued at $1,441,000 after buying an additional 259,257 shares in the last quarter. 49.55% of the stock is currently 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.