MannKind (MNKD) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a report released on Friday 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 equities analysts also recently commented on the stock. Maxim Group downgraded shares of MannKind from a hold rating to a sell rating and set a $1.00 price target on the stock. in a research note on Wednesday, February 28th. S&P Equity Research decreased their price target on shares of MannKind from $3.49 to $2.77 in a research note on Thursday, January 25th. BidaskClub downgraded shares of MannKind from a hold rating to a sell rating in a research note on Tuesday, March 13th. Finally, ValuEngine upgraded shares of MannKind from a strong sell rating to a sell rating in a research note on Thursday, November 30th. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. MannKind currently has a consensus rating of Sell and an average target price of $1.88.

NASDAQ:MNKD opened at $2.28 on Friday. MannKind has a one year low of $0.67 and a one year high of $6.96. The firm has a market capitalization of $274.67, a price-to-earnings ratio of -1.97 and a beta of 2.95. The company has a debt-to-equity ratio of -0.48, a quick ratio of 0.62 and a current ratio of 0.65.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($0.28) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.01. MannKind had a negative net margin of 999.00% and a negative return on equity of 24.93%. The firm had revenue of $4.53 million for the quarter, compared to the consensus estimate of $3.22 million. analysts predict that MannKind will post -0.85 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in MannKind by 30.2% during the third quarter. Bank of New York Mellon Corp now owns 108,380 shares of the biopharmaceutical company’s stock worth $236,000 after purchasing an additional 25,125 shares during the period. Wells Fargo & Company MN lifted its position 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 purchasing an additional 30,589 shares during the period. Raymond James & Associates lifted its position in MannKind by 54.6% during the fourth quarter. Raymond James & Associates now owns 156,554 shares of the biopharmaceutical company’s stock worth $363,000 after purchasing an additional 55,266 shares during the period. Geode Capital Management LLC lifted its position in MannKind by 14.7% during the fourth quarter. Geode Capital Management LLC now owns 551,568 shares of the biopharmaceutical company’s stock worth $1,279,000 after purchasing an additional 70,542 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its position in MannKind by 60.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 188,428 shares of the biopharmaceutical company’s stock worth $438,000 after purchasing an additional 71,012 shares during the period. 19.57% of the stock is owned by institutional investors and hedge funds.

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MannKind Company Profile

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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