MannKind (NASDAQ:MNKD) Hits New 52-Week High at $5.77

Shares of MannKind Co. (NASDAQ:MNKD) reached a new 52-week high on Friday . The company traded as high as $5.77 and last traded at $5.76, with a volume of 364623 shares traded. The stock had previously closed at $5.61.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MNKD shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.50 target price on shares of MannKind in a research note on Thursday, May 9th. Rodman & Renshaw started coverage on MannKind in a research note on Thursday, June 13th. They issued a “buy” rating and a $8.00 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

MannKind Trading Up 0.5 %

The business has a 50-day moving average price of $4.81 and a 200-day moving average price of $4.28. The firm has a market cap of $1.54 billion, a P/E ratio of 187.06 and a beta of 1.32.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. MannKind had a negative return on equity of 3.35% and a net margin of 3.78%. The company had revenue of $66.26 million for the quarter, compared to the consensus estimate of $60.55 million. During the same quarter last year, the company earned ($0.04) earnings per share. The firm’s revenue for the quarter was up 63.1% compared to the same quarter last year. On average, equities analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Insider Activity at MannKind

In related news, EVP David Thomson sold 23,537 shares of MannKind stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $4.66, for a total value of $109,682.42. Following the completion of the sale, the executive vice president now directly owns 873,616 shares in the company, valued at approximately $4,071,050.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by corporate insiders.

Institutional Trading of MannKind

Several institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its stake in MannKind by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,054 shares of the biopharmaceutical company’s stock valued at $780,000 after acquiring an additional 9,410 shares during the period. EntryPoint Capital LLC lifted its stake in MannKind by 60.9% during the 1st quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 9,008 shares during the period. ProShare Advisors LLC lifted its stake in MannKind by 9.0% during the 1st quarter. ProShare Advisors LLC now owns 65,811 shares of the biopharmaceutical company’s stock valued at $298,000 after acquiring an additional 5,416 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in MannKind during the 1st quarter valued at approximately $450,000. Finally, 9258 Wealth Management LLC acquired a new stake in MannKind during the 1st quarter valued at approximately $51,000. 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.