MannKind (NASDAQ:MNKD) Coverage Initiated at Wedbush

Wedbush initiated coverage on shares of MannKind (NASDAQ:MNKD) in a research note published on Monday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $11.00 price objective on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Finally, Wells Fargo & Company assumed coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $9.21.

MannKind Price Performance

Shares of MNKD stock opened at $5.60 on Monday. The firm has a market cap of $1.54 billion, a P/E ratio of 80.00 and a beta of 1.28. MannKind has a 1-year low of $3.38 and a 1-year high of $7.63. The firm’s 50-day simple moving average is $6.22 and its 200-day simple moving average is $6.27.

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the sale, the director now owns 1,075,026 shares in the company, valued at $7,406,929.14. This trade represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.00% of the stock is currently owned by insiders.

Institutional Trading of MannKind

A number of hedge funds have recently made changes to their positions in MNKD. Arrowstreet Capital Limited Partnership raised its stake in shares of MannKind by 275.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after purchasing an additional 3,587,484 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of MannKind during the third quarter valued at approximately $12,252,000. Two Sigma Advisers LP raised its stake in shares of MannKind by 60.7% during the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the period. Parkman Healthcare Partners LLC raised its stake in shares of MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of MannKind during the fourth quarter valued at approximately $4,209,000. Hedge funds and other 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.