MannKind (MNKD) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of MannKind (NASDAQ:MNKD) from a sell rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “Mannkind Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes, cancer, inflammatory and autoimmune diseases. The Company’s lead product, the Technosphere Insulin System, consists of the Company’s dry-powder Technosphere formulation of insulin and the Company’s MedTone inhaler through which the powder is inhaled into the deep lung. “

Several other brokerages also recently issued reports on MNKD. HC Wainwright restated a buy rating on shares of MannKind in a research note on Tuesday, October 24th. BidaskClub downgraded shares of MannKind from a buy rating to a hold rating in a research note on Saturday, December 2nd. Maxim Group restated a hold rating on shares of MannKind in a research note on Wednesday, November 1st. Finally, ValuEngine upgraded shares of MannKind from a strong sell rating to a sell rating in a research note on Thursday, November 30th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. MannKind has a consensus rating of Hold and a consensus target price of $0.92.

MannKind (MNKD) traded down $0.10 during trading hours on Wednesday, hitting $2.41. 1,665,688 shares of the stock were exchanged, compared to its average volume of 2,672,380. MannKind has a 12 month low of $0.67 and a 12 month high of $6.96. The company has a market capitalization of $286.48, a price-to-earnings ratio of -8.93 and a beta of 3.08. The company has a debt-to-equity ratio of -0.43, a quick ratio of 0.28 and a current ratio of 0.31.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.11). MannKind had a negative net margin of 155.83% and a negative return on equity of 24.93%. The firm had revenue of $2.04 million during the quarter, compared to the consensus estimate of $2.56 million. During the same period in the prior year, the business earned $1.30 EPS. The company’s revenue for the quarter was down 98.7% compared to the same quarter last year. research analysts expect that MannKind will post -1.13 EPS for the current fiscal year.

In related news, VP Stuart A. Tross acquired 39,840 shares of the stock in a transaction dated Thursday, December 21st. The shares were acquired at an average price of $2.52 per share, for a total transaction of $100,396.80. Following the completion of the purchase, the vice president now owns 59,840 shares in the company, valued at approximately $150,796.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in MNKD. Balyasny Asset Management LLC acquired a new stake in shares of MannKind in the second quarter worth $568,000. Dimensional Fund Advisors LP acquired a new stake in shares of MannKind in the third quarter worth $270,000. Dupont Capital Management Corp acquired a new stake in shares of MannKind in the third quarter worth $219,000. Macquarie Group Ltd. acquired a new stake in shares of MannKind in the third quarter worth $156,000. Finally, Wells Fargo & Company MN boosted its stake in MannKind by 51.5% during the third quarter. Wells Fargo & Company MN now owns 89,951 shares of the biopharmaceutical company’s stock worth $196,000 after buying an additional 30,589 shares in the last quarter. Institutional investors and hedge funds own 12.10% of the company’s stock.

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About MannKind

MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.

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