MannKind (NASDAQ:MNKD) Upgraded to Outperform at Royal Bank of Canada

MannKind (NASDAQ:MNKD) was upgraded by research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday,Finviz reports. The brokerage presently has a $10.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $7.00. Royal Bank of Canada’s target price points to a potential upside of 68.35% from the company’s current price.

Several other analysts also recently issued reports on the company. Leerink Partners initiated coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target on the stock. Oppenheimer lifted their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, StockNews.com cut shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.86.

MannKind Stock Up 0.2 %

Shares of MNKD stock opened at $5.94 on Thursday. MannKind has a 12-month low of $3.17 and a 12-month high of $7.63. The firm has a fifty day moving average of $6.75 and a 200-day moving average of $6.01. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 84.86 and a beta of 1.28.

Insider Transactions at MannKind

In other MannKind news, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 in the company, valued at $7,099,181.94. This represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock worth $1,325,587 in the last 90 days. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Brookstone Capital Management acquired a new position in shares of MannKind in the second quarter valued at approximately $61,000. Bank of New York Mellon Corp increased its position in 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 buying an additional 115,390 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of MannKind by 6.0% during the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after buying an additional 3,861 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of MannKind by 5.2% during the second quarter. Rhumbline Advisers now owns 397,194 shares of the biopharmaceutical company’s stock worth $2,073,000 after buying an additional 19,675 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of MannKind in the second quarter valued at about $55,000. 49.55% of the stock is owned by 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.