MannKind (NASDAQ:MNKD) Shares Gap Up – Should You Buy?

MannKind Co. (NASDAQ:MNKD) shares gapped up prior to trading on Wednesday . The stock had previously closed at $5.93, but opened at $6.11. MannKind shares last traded at $6.20, with a volume of 741,892 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Leerink Partners began 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. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Oppenheimer upped their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.67.

MannKind Stock Performance

The firm’s 50 day moving average price is $6.77 and its two-hundred day moving average price is $6.00. The firm has a market cap of $1.76 billion, a PE ratio of 89.71 and a beta of 1.28.

Insiders Place Their Bets

In other MannKind news, insider Stuart A. Tross sold 55,000 shares of the 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 directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value of $465,323.04. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock valued at $1,325,587 over the last quarter. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds have recently made changes to their positions in MNKD. Franklin Resources Inc. boosted its stake in MannKind by 3.0% during the 3rd quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock worth $1,047,000 after purchasing an additional 4,603 shares during the period. Geode Capital Management LLC boosted its stake in shares of MannKind by 0.4% during the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after buying an additional 24,031 shares during the period. Barclays PLC lifted its holdings in shares of MannKind by 186.0% during the third 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 during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of MannKind in the third quarter valued at about $413,000. Finally, XTX Topco Ltd increased its holdings in MannKind by 104.4% in the third quarter. XTX Topco Ltd now owns 45,248 shares of the biopharmaceutical company’s stock valued at $285,000 after buying an additional 23,111 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

About MannKind

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.