MannKind (NASDAQ:MNKD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a buy rating in a research note issued to investors on Monday morning.

A number of other brokerages have also recently commented on MNKD. Oppenheimer increased their target price on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Leerink Partners started coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 target price on the stock. Seven 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, the company has a consensus rating of “Buy” and an average price target of $8.67.

MannKind Stock Performance

Shares of MNKD opened at $7.02 on Monday. The stock has a 50 day moving average price of $6.62 and a 200 day moving average price of $5.64. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 100.29 and a beta of 1.30. MannKind has a one year low of $3.17 and a one year high of $7.63.

Insider Activity

In related news, EVP Steven B. Binder sold 5,055 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the sale, the executive vice president now directly owns 1,075,026 shares in the company, valued at approximately $6,385,654.44. The trade was a 0.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the insider now directly owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. This trade represents a 7.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,161 shares of company stock valued at $1,632,795 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,816 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of MannKind in the 2nd quarter valued at $55,000. Brookstone Capital Management acquired a new position in MannKind during the 2nd quarter worth about $61,000. Renaissance Technologies LLC purchased a new position in MannKind during the 2nd quarter valued at about $67,000. Finally, Foundations Investment Advisors LLC acquired a new position in MannKind in the 3rd quarter valued at about $93,000. 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.