Zacks Investment Research Upgrades MannKind (MNKD) to Buy

MannKind (NASDAQ:MNKD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $2.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target points to a potential upside of 0.50% from the stock’s current price.

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. “

A number of other research firms have also issued reports on MNKD. BidaskClub raised MannKind from a “sell” rating to a “hold” rating in a report on Friday, January 26th. Maxim Group lowered MannKind from a “hold” rating to a “sell” rating and set a $1.00 price target on the stock. in a report on Wednesday, February 28th. S&P Equity Research lowered their price target on MannKind from $3.49 to $2.77 in a report on Thursday, January 25th. HC Wainwright set a $5.00 price target on MannKind and gave the stock a “buy” rating in a report on Thursday, May 10th. Finally, ValuEngine raised MannKind from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 2nd. Four investment analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $2.69.

NASDAQ MNKD opened at $1.99 on Wednesday. The company has a quick ratio of 0.39, a current ratio of 0.43 and a debt-to-equity ratio of -0.43. MannKind has a 52-week low of $1.86 and a 52-week high of $1.91.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.02). The company had revenue of $3.47 million during the quarter, compared to analysts’ expectations of $3.53 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. sell-side analysts expect that MannKind will post -0.83 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in MannKind by 30.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 108,380 shares of the biopharmaceutical company’s stock valued at $236,000 after purchasing an additional 25,125 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in MannKind by 51.5% in the 3rd quarter. Wells Fargo & Company MN now owns 89,951 shares of the biopharmaceutical company’s stock valued at $196,000 after purchasing an additional 30,589 shares in the last quarter. Raymond James & Associates boosted its holdings in MannKind by 54.6% in the 4th quarter. Raymond James & Associates now owns 156,554 shares of the biopharmaceutical company’s stock valued at $363,000 after purchasing an additional 55,266 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in MannKind by 31.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 248,110 shares of the biopharmaceutical company’s stock valued at $566,000 after purchasing an additional 59,682 shares in the last quarter. Finally, Dupont Capital Management Corp boosted its holdings in MannKind by 31.3% in the 1st quarter. Dupont Capital Management Corp now owns 265,000 shares of the biopharmaceutical company’s stock valued at $604,000 after purchasing an additional 63,100 shares in the last quarter. 17.87% 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 diabetes and pulmonary arterial hypertension patients. It offers Afrezza, a dry powder formulation of human insulin that controls high blood sugar in adults with type 1 and type 2 diabetes in the United States.

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