MannKind (NASDAQ:MNKD) Reaches New 1-Year High – Here’s What Happened

MannKind Co. (NASDAQ:MNKD) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $7.30 and last traded at $7.30, with a volume of 7710 shares trading hands. The stock had previously closed at $7.17.

Analysts Set New Price Targets

MNKD has been the topic of a number of research analyst reports. Leerink Partners assumed coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 target price on the stock. Oppenheimer increased their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Finally, Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Stock Up 1.7 %

The firm has a market capitalization of $2.00 billion, a PE ratio of 179.29 and a beta of 1.30. The business’s fifty day moving average price is $6.40 and its 200 day moving average price is $5.46.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.04. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The business had revenue of $72.39 million for the quarter, compared to analysts’ expectations of $64.81 million. During the same quarter last year, the firm earned ($0.02) earnings per share. The business’s revenue was up 48.9% on a year-over-year basis. As a group, sell-side analysts forecast that MannKind Co. will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the sale, the insider now directly owns 1,022,191 shares in the company, valued at approximately $6,398,915.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Stuart A. Tross sold 25,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total transaction of $156,500.00. Following the transaction, the insider now directly owns 1,022,191 shares of the company’s stock, valued at approximately $6,398,915.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $6.33, for a total transaction of $506,400.00. Following the sale, the insider now directly owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,161 shares of company stock valued at $1,229,095. 3.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC increased 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 valued at $24,766,000 after buying an additional 3,107,598 shares during the last quarter. TSP Capital Management Group LLC increased its holdings in shares of 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 acquiring an additional 1,583,800 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of MannKind during the 2nd quarter valued at approximately $1,524,000. Dark Forest Capital Management LP lifted its stake in MannKind by 1,551.2% during the second quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock worth $1,441,000 after purchasing an additional 259,257 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of MannKind by 401.8% in the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after buying an additional 134,937 shares during the period. Institutional investors own 49.55% of the company’s stock.

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.