MannKind (NASDAQ:MNKD) Given New $8.00 Price Target at Wedbush

MannKind (NASDAQ:MNKD) had its price objective trimmed by Wedbush from $10.00 to $8.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

MNKD has been the subject of several other research reports. HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of MannKind in a research note on Wednesday, February 25th. Wall Street Zen cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial set a $9.00 price objective on shares of MannKind in a research report on Monday, November 24th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a report on Friday, February 27th. Finally, Zacks Research lowered shares of MannKind from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.06.

MannKind Stock Down 4.1%

NASDAQ MNKD opened at $2.83 on Thursday. MannKind has a 52-week low of $2.81 and a 52-week high of $6.51. The business’s 50-day moving average price is $5.31 and its 200 day moving average price is $5.33. The firm has a market cap of $871.92 million, a P/E ratio of 141.57 and a beta of 0.83.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The company had revenue of $111.96 million for the quarter, compared to analysts’ expectations of $99.85 million. During the same period in the prior year, the company earned $0.03 earnings per share. The firm’s revenue was up 45.8% on a year-over-year basis. As a group, analysts anticipate that MannKind will post 0.1 earnings per share for the current year.

Insider Buying and Selling at MannKind

In other news, insider Stuart A. Tross sold 47,006 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider directly owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This represents a 4.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Castagna sold 65,804 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the transaction, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at $15,053,799.92. This represents a 2.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 154,926 shares of company stock worth $945,726 over the last 90 days. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in shares of MannKind by 19.8% during the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock worth $278,000 after acquiring an additional 9,160 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in MannKind by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock valued at $1,059,000 after purchasing an additional 6,079 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in MannKind by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock worth $3,374,000 after purchasing an additional 53,202 shares during the last quarter. Teacher Retirement System of Texas boosted its position in MannKind by 4.7% during the second quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company’s stock worth $291,000 after purchasing an additional 3,506 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in MannKind by 68.3% during the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock worth $1,636,000 after purchasing an additional 177,440 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Company Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.