MannKind (NASDAQ:MNKD) Sets New 1-Year High – Time to Buy?

MannKind Co. (NASDAQ:MNKD)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.09 and last traded at $6.95, with a volume of 591234 shares traded. The stock had previously closed at $6.82.

Analyst Ratings Changes

MNKD has been the subject of several recent research reports. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Leerink Partners assumed coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. Finally, Oppenheimer raised their price target on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.67.

MannKind Trading Up 1.8 %

The stock has a market capitalization of $1.89 billion, a P/E ratio of 227.33 and a beta of 1.31. The stock’s 50 day simple moving average is $6.26 and its 200 day simple moving average is $5.39.

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

Insider Activity at MannKind

In related news, EVP Steven B. Binder sold 5,055 shares of MannKind 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 $6,385,654.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other MannKind news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the transaction, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 195,161 shares of company stock worth $1,229,095 in the last ninety days. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds have recently made changes to their positions in MNKD. Millennium Management LLC grew its stake in shares of MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after purchasing an additional 3,107,598 shares during the last quarter. TSP Capital Management Group LLC increased its position in shares of MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after acquiring an additional 1,583,800 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of MannKind in the second quarter worth approximately $1,524,000. Dark Forest Capital Management LP increased its position 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 worth $1,441,000 after acquiring an additional 259,257 shares in the last quarter. Finally, GSA Capital Partners LLP increased its position in shares of MannKind by 25.0% in the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company’s stock worth $2,833,000 after acquiring an additional 124,888 shares in the last quarter. Institutional investors and hedge funds 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.