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

StockNews.com upgraded shares of MannKind (NASDAQ:MNKD) from a hold rating to a buy rating in a report released on Friday morning.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company assumed coverage on MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of MannKind in a report on Thursday, February 27th. Finally, Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $9.21.

MannKind Stock Performance

NASDAQ:MNKD opened at $4.98 on Friday. The stock’s fifty day moving average price is $5.84 and its two-hundred day moving average price is $6.27. MannKind has a 52-week low of $3.97 and a 52-week high of $7.63. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 71.14 and a beta of 1.28.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The firm had revenue of $76.78 million for the quarter, compared to the consensus estimate of $74.99 million. On average, equities analysts predict that MannKind will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Private Advisor Group LLC increased its position in shares of MannKind by 45.7% in the 3rd quarter. Private Advisor Group LLC now owns 30,585 shares of the biopharmaceutical company’s stock valued at $192,000 after buying an additional 9,588 shares in the last quarter. US Bancorp DE bought a new stake in shares of MannKind in the 3rd quarter valued at $407,000. Principal Financial Group Inc. increased its position 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 in the last quarter. Victory Capital Management Inc. increased its position in shares of MannKind by 40.6% in the 3rd quarter. Victory Capital Management Inc. now owns 47,830 shares of the biopharmaceutical company’s stock valued at $301,000 after buying an additional 13,823 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of MannKind by 15.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company’s stock valued at $11,859,000 after buying an additional 251,587 shares in the last quarter. Institutional investors and hedge funds 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.