MannKind (NASDAQ:MNKD) Given Overweight Rating at Cantor Fitzgerald

MannKind (NASDAQ:MNKD)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a research note issued to investors on Thursday, Benzinga reports. They currently have a $6.50 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 49.08% from the stock’s previous close.

Separately, Wedbush reiterated an “outperform” rating and set a $10.00 price objective on shares of MannKind in a research note on Wednesday, February 28th.

MannKind Trading Down 0.9 %

Shares of MannKind stock traded down $0.04 during mid-day trading on Thursday, hitting $4.36. 997,209 shares of the stock were exchanged, compared to its average volume of 2,834,241. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -86.60 and a beta of 1.34. The company has a 50-day simple moving average of $4.46 and a 200 day simple moving average of $3.93. MannKind has a twelve month low of $3.17 and a twelve month high of $5.75.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $66.26 million for the quarter, compared to analyst estimates of $60.55 million. During the same period in the prior year, the company earned ($0.04) EPS. The company’s revenue was up 63.1% compared to the same quarter last year. Equities research analysts forecast that MannKind will post 0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MannKind

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. TSP Capital Management Group LLC bought a new position in shares of MannKind during the first quarter worth about $3,661,000. Parkman Healthcare Partners LLC lifted its position in shares of MannKind by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after purchasing an additional 429,677 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of MannKind by 77.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 740,078 shares of the biopharmaceutical company’s stock worth $3,057,000 after purchasing an additional 322,791 shares during the last quarter. Oracle Investment Management Inc. bought a new position in MannKind in the third quarter worth about $1,239,000. Finally, 180 Wealth Advisors LLC lifted its holdings in MannKind by 12.6% in the first quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock worth $8,798,000 after acquiring an additional 216,880 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

About MannKind

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.