MannKind (MNKD) Shares Gap Up to $1.32

MannKind Co. (NASDAQ:MNKD) gapped up prior to trading on Wednesday . The stock had previously closed at $1.34, but opened at $1.32. MannKind shares last traded at $1.33, with a volume of 36731 shares trading hands.

MNKD has been the topic of several research analyst reports. Svb Leerink initiated coverage on MannKind in a research report on Monday, March 4th. They issued an “outperform” rating and a $3.00 price target on the stock. BidaskClub downgraded MannKind from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. BTIG Research initiated coverage on MannKind in a research report on Tuesday. They issued a “buy” rating and a $3.00 price target on the stock. HC Wainwright lowered their price target on MannKind from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Leerink Swann initiated coverage on MannKind in a research report on Friday, February 22nd. They issued an “outperform” rating and a $3.00 price target on the stock. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. MannKind currently has an average rating of “Hold” and a consensus price target of $2.85.

The stock has a market cap of $247.87 million, a PE ratio of -2.19 and a beta of 2.56.

MannKind (NASDAQ:MNKD) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $17.45 million for the quarter, compared to analyst estimates of $18.03 million. During the same period last year, the business earned ($0.25) earnings per share. Research analysts forecast that MannKind Co. will post -0.3 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in MannKind by 9.0% during the fourth quarter. Bank of New York Mellon Corp now owns 433,294 shares of the biopharmaceutical company’s stock worth $459,000 after buying an additional 35,721 shares in the last quarter. Wells Fargo & Company MN grew its position in MannKind by 25.4% during the third quarter. Wells Fargo & Company MN now owns 237,296 shares of the biopharmaceutical company’s stock worth $434,000 after buying an additional 48,126 shares in the last quarter. Vanguard Group Inc. grew its position in MannKind by 4.7% during the third quarter. Vanguard Group Inc. now owns 6,627,801 shares of the biopharmaceutical company’s stock worth $12,128,000 after buying an additional 299,794 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in MannKind during the fourth quarter worth about $2,649,000. Finally, CVI Holdings LLC acquired a new stake in MannKind during the fourth quarter worth about $11,359,000. 30.26% of the stock is currently owned by institutional investors and hedge funds.

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About MannKind (NASDAQ:MNKD)

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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