MannKind (NASDAQ:MNKD) Coverage Initiated at Wells Fargo & Company

Analysts at Wells Fargo & Company assumed coverage on shares of MannKind (NASDAQ:MNKD) in a report released on Friday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $9.00 price target on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 31.39% from the stock’s previous close.

MNKD has been the subject of several other research reports. Leerink Partners started coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $7.00 to $10.00 in a research report on Thursday. Oppenheimer increased their price objective on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Finally, StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $8.88.

MannKind Stock Up 8.7 %

Shares of MannKind stock opened at $6.85 on Friday. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 97.86 and a beta of 1.28. MannKind has a twelve month low of $3.17 and a twelve month high of $7.63. The company’s fifty day moving average is $6.76 and its 200 day moving average is $6.02.

Insider Buying and Selling at MannKind

In other MannKind news, Director Steven B. Binder sold 67,536 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the transaction, the director now owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. This represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the sale, the insider now owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 190,075 shares of company stock valued at $1,325,587. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Several hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its stake in shares of MannKind by 401.8% in the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after buying an additional 134,937 shares in the last quarter. Franklin Resources Inc. lifted its position in MannKind by 3.0% in the 3rd quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock valued at $1,047,000 after acquiring an additional 4,603 shares in the last quarter. Geode Capital Management LLC boosted its stake in MannKind by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after purchasing an additional 24,031 shares during the last quarter. Barclays PLC increased its holdings in MannKind by 186.0% during the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock worth $3,271,000 after purchasing an additional 338,121 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of MannKind in the third quarter worth approximately $413,000. 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.