MannKind (NASDAQ:MNKD) Upgraded to “Outperform” 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 sent to investors on Thursday morning, MarketBeat.com reports. The brokerage currently has $10.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $7.00.

A number of other analysts have also weighed in on MNKD. Oppenheimer upped their price target on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partners began coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, StockNews.com lowered MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. One research 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. Based on data from MarketBeat.com, MannKind presently has a consensus rating of “Buy” and an average target price of $8.86.

MannKind Stock Performance

MannKind stock opened at $6.30 on Thursday. MannKind has a one year low of $3.17 and a one year high of $7.63. The company has a 50-day simple moving average of $6.75 and a 200-day simple moving average of $6.01. The firm has a market capitalization of $1.74 billion, a P/E ratio of 90.00 and a beta of 1.28.

Insider Activity

In other news, Director Steven B. Binder sold 67,539 shares of MannKind 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 in the company, valued at approximately $7,267,175.76. The trade was a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the sale, the insider now directly owns 967,191 shares of the company’s stock, valued at $7,099,181.94. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 190,075 shares of company stock valued at $1,325,587. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MannKind

Several hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in shares of MannKind by 401.8% during the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after purchasing an additional 134,937 shares in the last quarter. Franklin Resources Inc. boosted its stake in MannKind by 3.0% during the third quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock worth $1,047,000 after buying an additional 4,603 shares in the last quarter. Geode Capital Management LLC increased its holdings in MannKind by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after buying an additional 24,031 shares during the period. Barclays PLC raised its stake in shares of MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock valued at $3,271,000 after buying an additional 338,121 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of MannKind during the 3rd quarter worth about $413,000. 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.