MannKind (NASDAQ:MNKD) Raised to Strong-Buy at Leerink Partnrs

Leerink Partnrs upgraded shares of MannKind (NASDAQ:MNKD) to a strong-buy rating in a research report report published on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for MannKind’s Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at $0.04 EPS, FY2024 earnings at $0.11 EPS, Q1 2025 earnings at $0.03 EPS, Q2 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS, FY2025 earnings at $0.15 EPS and FY2026 earnings at $0.25 EPS.

A number of other equities research analysts have also recently weighed in on MNKD. Rodman & Renshaw started coverage on MannKind in a research note on Thursday, June 13th. They set a buy rating and a $8.00 price objective for the company. Leerink Partners started coverage on MannKind in a research note on Monday. They set an outperform rating and a $8.00 price objective for the company. Finally, Oppenheimer upped their price objective on MannKind from $10.00 to $12.00 and gave the stock an outperform rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, MannKind currently has an average rating of Buy and an average price target of $8.67.

MannKind Trading Up 1.8 %

Shares of MNKD stock opened at $6.13 on Monday. MannKind has a twelve month low of $3.17 and a twelve month high of $6.44. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 204.40 and a beta of 1.32. The stock has a fifty day simple moving average of $5.60 and a two-hundred day simple moving average of $4.93.

MannKind (NASDAQ:MNKD) last issued its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.04. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The business had revenue of $72.39 million during the quarter, compared to analysts’ expectations of $64.81 million. During the same period in the prior year, the business earned ($0.02) EPS. The business’s revenue for the quarter was up 48.9% compared to the same quarter last year. Research analysts predict that MannKind will post 0.11 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the sale, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other MannKind news, CEO Michael Castagna sold 85,106 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the transaction, the chief executive officer now owns 2,294,836 shares in the company, valued at $14,457,466.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stuart A. Tross sold 80,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The disclosure for this sale can be found here. Over the last three months, insiders have sold 197,997 shares of company stock valued at $1,245,912. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently made changes to their positions in MNKD. Victory Capital Management Inc. lifted its position in MannKind by 23.9% during the fourth quarter. Victory Capital Management Inc. now owns 35,064 shares of the biopharmaceutical company’s stock worth $128,000 after buying an additional 6,753 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in MannKind by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,066,844 shares of the biopharmaceutical company’s stock worth $7,523,000 after buying an additional 30,433 shares in the last quarter. BNP Paribas Financial Markets lifted its position in MannKind by 44.3% during the fourth quarter. BNP Paribas Financial Markets now owns 373,044 shares of the biopharmaceutical company’s stock worth $1,358,000 after buying an additional 114,460 shares in the last quarter. Aigen Investment Management LP lifted its position in MannKind by 21.9% during the fourth quarter. Aigen Investment Management LP now owns 127,386 shares of the biopharmaceutical company’s stock worth $464,000 after buying an additional 22,879 shares in the last quarter. Finally, Parkman Healthcare Partners LLC lifted its position in MannKind by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after buying an additional 429,677 shares in the last quarter. Hedge funds and other 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.