MannKind (NASDAQ:MNKD) Stock Rated “Buy” in New Coverage at Chardan Capital

Chardan Capital began coverage on shares of MannKind (NASDAQ:MNKD) in a research report sent to investors on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $10.00 price objective on the biopharmaceutical company’s stock.

MNKD has been the topic of a number of other reports. Truist Financial reduced their target price on shares of MannKind from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, October 7th. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a report on Friday, October 2nd. HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Finally, Wall Street Zen downgraded MannKind from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, MannKind currently has a consensus rating of “Moderate Buy” and an average target price of $8.08.

MannKind Trading Down 1.6%

Shares of MNKD opened at $3.05 on Monday. The firm has a market capitalization of $980.70 million, a P/E ratio of -23.46 and a beta of 1.09. MannKind has a 12-month low of $2.23 and a 12-month high of $6.51. The firm has a fifty day moving average price of $3.68 and a 200-day moving average price of $3.59.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analysts’ expectations of $108.08 million. During the same period in the prior year, the business earned $0.05 EPS. The company’s quarterly revenue was up 43.0% on a year-over-year basis. Analysts predict that MannKind will post -0.20 earnings per share for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven Binder sold 39,051 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the transaction, the director owned 785,867 shares of the company’s stock, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 111,660 shares of company stock worth $414,881. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MannKind

Several large investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in shares of MannKind by 138.9% during the second quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company’s stock valued at $33,419,000 after purchasing an additional 4,561,628 shares in the last quarter. Braidwell LP purchased a new position in MannKind during the second quarter valued at approximately $14,733,000. 180 Wealth Advisors LLC raised its stake in MannKind by 45.0% in the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock worth $10,515,000 after buying an additional 1,332,759 shares in the last quarter. Bank of America Corp DE raised its stake in MannKind by 43.2% in the first quarter. Bank of America Corp DE now owns 3,383,677 shares of the biopharmaceutical company’s stock worth $8,290,000 after buying an additional 1,021,456 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in MannKind in the second quarter worth approximately $3,827,000. 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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).