MannKind (NASDAQ:MNKD) Shares Gap Up – Still a Buy?

MannKind Co. (NASDAQ:MNKD) gapped up before the market opened on Wednesday . The stock had previously closed at $5.93, but opened at $6.11. MannKind shares last traded at $6.20, with a volume of 741,892 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MNKD. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Finally, Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $8.67.

MannKind Stock Up 7.6 %

The stock has a market capitalization of $1.76 billion, a PE ratio of 89.71 and a beta of 1.28. The company’s fifty day moving average price is $6.77 and its 200-day moving average price is $6.00.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now owns 967,191 shares in the company, valued at $7,099,181.94. This represents a 5.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven B. Binder sold 67,539 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the completion of the sale, the director now owns 1,075,026 shares of the company’s stock, valued at approximately $7,267,175.76. The trade was a 5.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On MannKind

A number of institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. purchased a new position in MannKind in the second quarter worth $55,000. Brookstone Capital Management purchased a new position in shares of MannKind in the 2nd quarter valued at approximately $61,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 1,816 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in MannKind during the 2nd quarter worth approximately $67,000. Finally, Quantinno Capital Management LP acquired a new position in MannKind during the 3rd quarter valued at approximately $85,000. 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.