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 issued on Monday morning.

Several other brokerages have also recently issued reports on MNKD. Oppenheimer upped their price objective on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating and one has issued 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 a consensus target price of $8.67.

MannKind Price Performance

NASDAQ MNKD opened at $7.22 on Monday. The company’s fifty day moving average price is $6.56 and its two-hundred day moving average price is $5.60. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 103.14 and a beta of 1.30. MannKind has a 12 month low of $3.17 and a 12 month high of $7.63.

Insider Transactions at MannKind

In other MannKind news, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the sale, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the transaction, the insider now owns 967,191 shares of the company’s stock, valued at $7,099,181.94. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 250,161 shares of company stock worth $1,632,795. Insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

A number of institutional investors have recently made changes to their positions in MNKD. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of MannKind by 22.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 1,816 shares during the period. AQR Capital Management LLC increased its position in shares of MannKind by 8.1% during the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock valued at $223,000 after purchasing an additional 3,214 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of MannKind by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after buying an additional 3,374 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of MannKind by 6.0% in the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock valued at $357,000 after buying an additional 3,861 shares during the period. Finally, Hunter Associates Investment Management LLC boosted its stake in MannKind by 8.5% during the third quarter. Hunter Associates Investment Management LLC now owns 61,700 shares of the biopharmaceutical company’s stock valued at $387,000 after buying an additional 4,830 shares in the last quarter. 49.55% of the stock is 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.