MannKind (NASDAQ:MNKD) Reaches New 52-Week High – Still a Buy?

MannKind Co. (NASDAQ:MNKD)’s stock price hit a new 52-week high on Monday . The stock traded as high as $7.30 and last traded at $7.30, with a volume of 7710 shares changing hands. The stock had previously closed at $7.17.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Oppenheimer boosted their target price on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, Leerink Partners assumed coverage on MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, MannKind currently has a consensus rating of “Buy” and an average target price of $8.67.

MannKind Price Performance

The company has a fifty day moving average price of $6.40 and a two-hundred day moving average price of $5.46. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 179.29 and a beta of 1.30.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The company had revenue of $72.39 million during the quarter, compared to the consensus estimate of $64.81 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s quarterly revenue was up 48.9% compared to the same quarter last year. On average, research analysts expect that MannKind Co. will post 0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Stuart A. Tross sold 80,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 1,047,191 shares in the company, valued at $6,628,719.03. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other MannKind news, insider Stuart A. Tross sold 25,000 shares of MannKind stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total transaction of $156,500.00. Following the completion of the sale, the insider now owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Stuart A. Tross sold 80,000 shares of MannKind stock in a transaction on Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the sale, the insider now directly owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,161 shares of company stock worth $1,229,095 over the last 90 days. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in MannKind by 189.8% in the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after acquiring an additional 3,107,598 shares during the last quarter. TSP Capital Management Group LLC raised its holdings in MannKind by 196.0% during the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after buying an additional 1,583,800 shares in the last quarter. 180 Wealth Advisors LLC lifted its position in shares of MannKind by 4.7% in the second quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock worth $11,411,000 after buying an additional 91,924 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of MannKind by 14.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock worth $4,778,000 after acquiring an additional 115,390 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in MannKind by 25.0% during the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company’s stock worth $2,833,000 after purchasing an additional 124,888 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Company Profile

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.