MannKind (NASDAQ:MNKD) Upgraded to “Outperform” at Royal Bank of Canada

MannKind (NASDAQ:MNKD) was upgraded by equities research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Thursday,Finviz reports. The firm presently has a $10.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $7.00. Royal Bank of Canada’s price target suggests a potential upside of 68.35% from the stock’s previous close.

MNKD has been the subject of a number of other reports. Leerink Partners began coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Oppenheimer increased their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Finally, Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $8.86.

MannKind Price Performance

MNKD stock opened at $5.94 on Thursday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 84.86 and a beta of 1.28. The company has a 50 day simple moving average of $6.75 and a 200 day simple moving average of $6.01. MannKind has a 1 year low of $3.17 and a 1 year high of $7.63.

Insiders Place Their Bets

In other news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now owns 967,191 shares in the company, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the transaction, the director now directly owns 1,075,026 shares in the company, valued at $7,406,929.14. The trade was a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 190,075 shares of company stock worth $1,325,587. 3.00% of the stock is currently owned by company insiders.

Institutional Trading of MannKind

Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its holdings in shares of MannKind by 3.0% in the third quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock worth $1,047,000 after acquiring an additional 4,603 shares during the period. Geode Capital Management LLC grew its holdings in shares of MannKind by 0.4% during the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after purchasing an additional 24,031 shares in the last quarter. Barclays PLC increased its holdings in shares of MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock worth $3,271,000 after buying an additional 338,121 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of MannKind during the 3rd quarter valued at about $413,000. Finally, XTX Topco Ltd lifted its holdings in shares of MannKind by 104.4% in the 3rd quarter. XTX Topco Ltd now owns 45,248 shares of the biopharmaceutical company’s stock worth $285,000 after acquiring an additional 23,111 shares during the last quarter. 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.