MannKind (NASDAQ:MNKD) Sets New 52-Week High at $6.50

MannKind Co. (NASDAQ:MNKD) shares reached a new 52-week high on Monday . The company traded as high as $6.50 and last traded at $6.43, with a volume of 431961 shares traded. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Leerink Partners assumed coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. Rodman & Renshaw assumed coverage on shares of MannKind in a research note on Thursday, June 13th. They issued a “buy” rating and a $8.00 price objective for the company. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Oppenheimer increased their price objective 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. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.67.

MannKind Trading Up 4.5 %

The stock’s 50-day moving average price is $5.65 and its two-hundred day moving average price is $4.97. The stock has a market capitalization of $1.80 billion, a P/E ratio of 222.07 and a beta of 1.32.

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

Insider Activity

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

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently bought and sold shares of MNKD. Victory Capital Management Inc. lifted its stake in MannKind by 23.9% in the 4th quarter. Victory Capital Management Inc. now owns 35,064 shares of the biopharmaceutical company’s stock worth $128,000 after purchasing an additional 6,753 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in MannKind by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,066,844 shares of the biopharmaceutical company’s stock worth $7,523,000 after purchasing an additional 30,433 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in MannKind by 44.3% in the 4th quarter. BNP Paribas Financial Markets now owns 373,044 shares of the biopharmaceutical company’s stock worth $1,358,000 after purchasing an additional 114,460 shares in the last quarter. Aigen Investment Management LP lifted its stake in MannKind by 21.9% in the 4th quarter. Aigen Investment Management LP now owns 127,386 shares of the biopharmaceutical company’s stock worth $464,000 after purchasing an additional 22,879 shares in the last quarter. Finally, Parkman Healthcare Partners LLC lifted its stake in MannKind by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after purchasing an additional 429,677 shares in the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

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.