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

Royal Bank of Canada upgraded shares of MannKind (NASDAQ:MNKD) from a sector perform rating to an outperform rating in a research report released on Thursday morning, Marketbeat Ratings reports. They currently have $10.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $7.00.

Several other research analysts also recently commented on the stock. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Oppenheimer boosted their price objective 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. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Finally, Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $8.88.

MannKind Price Performance

MNKD opened at $6.85 on Thursday. The stock’s 50 day simple moving average is $6.76 and its 200 day simple moving average is $6.02. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 97.86 and a beta of 1.28. MannKind has a 1 year low of $3.17 and a 1 year high of $7.63.

Insider Activity

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

Hedge Funds Weigh In On MannKind

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its stake in shares of MannKind by 0.4% in the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after buying an additional 40,338 shares during the last quarter. Geode Capital Management LLC boosted its holdings in MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after acquiring an additional 24,031 shares in the last quarter. Millennium Management LLC grew its stake in shares of MannKind by 189.8% in the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares during the last quarter. Parkman Healthcare Partners LLC increased its holdings in shares of MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after acquiring an additional 894,486 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of MannKind by 60.7% in the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after purchasing an additional 1,000,600 shares during the last quarter. Institutional investors 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.