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

Royal Bank of Canada upgraded shares of MannKind (NASDAQ:MNKD) from a sector perform rating to an outperform rating in a research report released on Thursday, MarketBeat reports. Royal Bank of Canada currently has $10.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $7.00.

A number of other brokerages have also recently commented on MNKD. Oppenheimer upped their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. Finally, Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. One investment 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’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.88.

MannKind Stock Up 8.7 %

MannKind stock opened at $6.85 on Thursday. The company has a market capitalization of $1.89 billion, a P/E ratio of 97.86 and a beta of 1.28. The firm has a 50 day moving average price of $6.76 and a 200-day moving average price of $6.02. MannKind has a twelve month low of $3.17 and a twelve month high of $7.63.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven B. Binder sold 67,539 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. The trade was a 5.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 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 Investors Weigh In On MannKind

Several hedge funds have recently bought and sold shares of the stock. Brookstone Capital Management purchased a new stake in shares of MannKind during the 2nd quarter valued at $61,000. Bank of New York Mellon Corp increased its stake in MannKind by 14.4% in the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after acquiring an additional 115,390 shares during the last quarter. Commonwealth Equity Services LLC raised its position in MannKind by 6.0% during the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock valued at $357,000 after purchasing an additional 3,861 shares in the last quarter. Rhumbline Advisers raised its position in MannKind by 5.2% during the second quarter. Rhumbline Advisers now owns 397,194 shares of the biopharmaceutical company’s stock valued at $2,073,000 after purchasing an additional 19,675 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in MannKind during the second quarter worth about $55,000. 49.55% of the stock is currently 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.