MannKind (NASDAQ:MNKD) Shares Gap Down - Should You Sell?
MannKind (NASDAQ:MNKD) shares gapped down from $4.69 to $4.58 before trading, closing at $4.77 with a volume of 104,293 shares. Analysts have upgraded the stock, with Royal Bank of Canada raising its rating to "outperform" and setting a price target of $10.00. The average rating is "Buy" with a target of $9.21. MannKind reported $0.03 EPS and $76.78 million in revenue for the last quarter. Institutional investors hold 49.55% of the stock, and the company focuses on inhaled therapeutic products for diabetes and lung diseases.
MannKind Co. (NASDAQ:MNKD - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $4.69, but opened at $4.58. MannKind shares last traded at $4.77, with a volume of 104,293 shares traded.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on MNKD. Royal Bank of Canada raised MannKind from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. 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 target on the stock. StockNews.com upgraded shares of MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Finally, Wedbush restated an "outperform" rating and set a $11.00 price objective on shares of MannKind in a research report on Thursday, February 27th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $9.21.
View Our Latest Stock Analysis on MannKind
MannKind Stock Up 0.1 %
The company has a market cap of $1.43 billion, a PE ratio of 67.07 and a beta of 1.22. The stock's 50 day moving average is $5.35 and its 200-day moving average is $6.14.
MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $76.78 million during the quarter, compared to analyst estimates of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. On average, analysts anticipate that MannKind Co. will post 0.1 EPS for the current fiscal year.
Institutional Investors Weigh In On MannKind
Hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp grew its holdings in shares of MannKind by 146.6% in the fourth quarter. Mackenzie Financial Corp now owns 80,218 shares of the biopharmaceutical company's stock worth $516,000 after purchasing an additional 47,690 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of MannKind during the fourth quarter valued at approximately $37,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of MannKind in the fourth quarter valued at approximately $111,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in MannKind by 7.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 617,670 shares of the biopharmaceutical company's stock worth $3,972,000 after purchasing an additional 41,142 shares during the period. Finally, Waverly Advisors LLC bought a new stake in MannKind during the 4th quarter valued at $72,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.
MannKind Company Profile
(Get Free Report)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.
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