MannKind (NASDAQ:MNKD) Reaches New 1-Year High – Here’s What Happened

Shares of MannKind Corporation (NASDAQ:MNKD) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $6.35 and last traded at $6.3350, with a volume of 1535683 shares traded. The stock had previously closed at $5.85.

Analyst Upgrades and Downgrades

Several research firms recently commented on MNKD. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research report on Wednesday, October 8th. Leerink Partners initiated coverage on MannKind in a report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price target on the stock. Wells Fargo & Company reduced their price objective on MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Royal Bank Of Canada cut their target price on MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research note on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.06.

MannKind Price Performance

The firm has a market capitalization of $1.80 billion, a P/E ratio of 58.50 and a beta of 0.81. The firm’s 50 day moving average is $5.59 and its two-hundred day moving average is $4.94.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. The firm had revenue of $82.13 million for the quarter, compared to analyst estimates of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 earnings per share. Analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Activity at MannKind

In related news, insider Stuart A. Tross sold 47,006 shares of MannKind stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the completion of the transaction, the insider owned 985,007 shares in the company, valued at approximately $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sanjay R. Singh sold 18,777 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $5.03, for a total value of $94,448.31. Following the transaction, the executive vice president directly owned 455,211 shares in the company, valued at approximately $2,289,711.33. This trade represents a 3.96% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 281,623 shares of company stock worth $1,641,289. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On MannKind

A number of large investors have recently added to or reduced their stakes in MNKD. Quaker Wealth Management LLC boosted its position in MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,000 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 6,896 shares during the period. Burkett Financial Services LLC bought a new stake in shares of MannKind during the 4th quarter worth about $59,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in MannKind in the 2nd quarter valued at about $42,000. Finally, Master S Wealth Management Inc. bought a new position in MannKind in the 2nd quarter valued at about $44,000. Institutional investors own 49.55% of the company’s stock.

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.