MannKind (NASDAQ:MNKD) Trading Up 5.7% – Here’s Why

MannKind Co. (NASDAQ:MNKD)’s share price rose 5.7% during mid-day trading on Thursday . The company traded as high as $6.30 and last traded at $6.28. Approximately 1,142,572 shares traded hands during trading, a decline of 57% from the average daily volume of 2,651,537 shares. The stock had previously closed at $5.94.

Analyst Ratings Changes

MNKD has been the subject of a number of recent analyst reports. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $7.00 to $10.00 in a report on Thursday. Leerink Partners assumed coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. 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. Finally, Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $8.86.

MannKind Trading Up 5.1 %

The business has a 50-day simple moving average of $6.75 and a 200 day simple moving average of $6.01. The stock has a market cap of $1.72 billion, a P/E ratio of 89.14 and a beta of 1.28.

Insider Transactions at MannKind

In other news, Director Steven B. Binder sold 67,539 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $6.76, for a total transaction of $456,563.64. Following the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 over the last three months. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On MannKind

Several institutional investors have recently bought and sold shares of MNKD. Mirae Asset Global Investments Co. Ltd. grew its position in MannKind by 22.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 1,816 shares during the period. National Bank of Canada FI grew its position in shares of MannKind by 14.8% during the 3rd quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock valued at $136,000 after acquiring an additional 2,783 shares during the period. AQR Capital Management LLC raised its holdings in shares of MannKind by 8.1% in the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after purchasing an additional 3,214 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of MannKind by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock valued at $529,000 after buying an additional 3,374 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of MannKind by 6.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock valued at $357,000 after buying an additional 3,861 shares during the last quarter. Institutional investors 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.