MannKind (NASDAQ:MNKD) Hits New 12-Month High – Time to Buy?

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

Analyst Ratings Changes

A number of equities analysts have recently commented on MNKD shares. Oppenheimer lifted 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. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective on the stock. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $8.67.

MannKind Price Performance

The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 181.50 and a beta of 1.30. The firm has a 50-day moving average of $6.47 and a 200 day moving average of $5.51.

MannKind (NASDAQ:MNKD) last posted its quarterly 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. The business had revenue of $72.39 million for the quarter, compared to analysts’ expectations of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The firm’s revenue for the quarter was up 48.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) EPS. On average, equities analysts forecast that MannKind Co. will post 0.11 earnings per share for the current year.

Insider Transactions at MannKind

In related news, EVP Steven B. Binder sold 5,055 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the completion of the sale, the executive vice president now directly owns 1,075,026 shares in the company, valued at approximately $6,385,654.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other MannKind news, CEO Michael Castagna sold 85,106 shares of the stock in a transaction dated Thursday, August 29th. The shares were 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 in the company, valued at $14,457,466.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Steven B. Binder sold 5,055 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the transaction, the executive vice president now directly owns 1,075,026 shares in the company, valued at approximately $6,385,654.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 195,161 shares of company stock valued at $1,229,095. 3.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MNKD. Susquehanna Fundamental Investments LLC bought a new position in shares of MannKind in the 1st quarter valued at $450,000. SG Americas Securities LLC acquired a new stake in MannKind in the third quarter valued at about $546,000. Bank of New York Mellon Corp grew its position in MannKind by 14.4% in the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after acquiring an additional 115,390 shares during the last quarter. Millennium Management LLC raised its stake in MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in MannKind in the second quarter valued at approximately $1,524,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

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.