MannKind (NASDAQ:MNKD) Stock Rating Lowered by Zacks Investment Research

MannKind (NASDAQ:MNKD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

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 equities analysts have also recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $2.50 price target on shares of MannKind in a research report on Thursday, May 14th. Oppenheimer assumed coverage on shares of MannKind in a research report on Thursday, May 28th. They issued a “buy” rating and a $2.50 price target for the company. BidaskClub upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Wednesday. BTIG Research restated a “buy” rating and issued a $4.00 price objective on shares of MannKind in a report on Wednesday, June 17th. Finally, ValuEngine lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $2.80.

NASDAQ:MNKD opened at $1.82 on Wednesday. The stock has a market capitalization of $384.72 million, a P/E ratio of -7.91 and a beta of 2.20. The company has a 50 day moving average price of $1.49 and a 200 day moving average price of $1.35. MannKind has a fifty-two week low of $0.80 and a fifty-two week high of $2.48.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.02. The company had revenue of $16.24 million for the quarter, compared to analysts’ expectations of $15.15 million. On average, equities analysts predict that MannKind will post -0.19 earnings per share for the current year.

In related news, CEO Michael Castagna bought 30,000 shares of the stock in a transaction on Monday, June 15th. The shares were purchased at an average price of $1.49 per share, with a total value of $44,700.00. Following the purchase, the chief executive officer now owns 198,560 shares in the company, valued at $295,854.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.09% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in shares of MannKind by 5,998.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 19,392 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 19,074 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of MannKind by 44.8% in the fourth quarter. Bank of Montreal Can now owns 23,810 shares of the biopharmaceutical company’s stock valued at $31,000 after buying an additional 7,365 shares during the last quarter. SG Americas Securities LLC bought a new stake in MannKind during the 4th quarter worth about $33,000. Zeke Capital Advisors LLC bought a new stake in MannKind during the 1st quarter worth about $30,000. Finally, UBS Group AG raised its holdings in MannKind by 64.0% during the 1st quarter. UBS Group AG now owns 29,470 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 11,497 shares during the last quarter. 24.45% of the stock is owned by institutional investors and hedge funds.

About MannKind

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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