MannKind Corporation’s (MNKD) “Hold” Rating Reaffirmed at Maxim Group

Maxim Group reaffirmed their hold rating on shares of MannKind Corporation (NASDAQ:MNKD) in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

“MannKind raised (net $57.7M) in an equity offering recently. We had anticipated a larger offering that would provide a longer capital runway to get the Afrezza launch off the ground; one that would provide adequate support to launch a new product in a mature market.”,” the firm’s analyst commented.

Several other equities analysts also recently commented on the stock. Zacks Investment Research upgraded shares of MannKind Corporation from a sell rating to a hold rating in a report on Wednesday, October 11th. HC Wainwright started coverage on shares of MannKind Corporation in a report on Tuesday, October 10th. They issued a buy rating on the stock. Finally, ValuEngine downgraded shares of MannKind Corporation from a hold rating to a sell rating in a report on Wednesday, October 18th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $0.92.

MannKind Corporation (MNKD) opened at $3.26 on Wednesday. The firm has a market cap of $374.49, a price-to-earnings ratio of 6.04 and a beta of 3.10. MannKind Corporation has a fifty-two week low of $0.67 and a fifty-two week high of $6.96. The company has a current ratio of 0.59, a quick ratio of 0.56 and a debt-to-equity ratio of -0.48.

MannKind Corporation (NASDAQ:MNKD) last released its quarterly earnings data on Monday, August 7th. The biopharmaceutical company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.10). MannKind Corporation had a net margin of 71.60% and a negative return on equity of 24.93%. The company had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.75 million. During the same quarter in the prior year, the firm earned $0.08 earnings per share. analysts anticipate that MannKind Corporation will post -1.02 EPS for the current year.

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In related news, Director Kent Kresa acquired 166,600 shares of the firm’s stock in a transaction on Friday, October 13th. The shares were purchased at an average cost of $6.00 per share, for a total transaction of $999,600.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in MNKD. KCG Holdings Inc. grew its stake in shares of MannKind Corporation by 268.0% in the first quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 107,752 shares in the last quarter. Dupont Capital Management Corp acquired a new position in shares of MannKind Corporation in the third quarter valued at about $219,000. LMR Partners LLP acquired a new position in shares of MannKind Corporation in the second quarter valued at about $352,000. Balyasny Asset Management LLC acquired a new position in shares of MannKind Corporation in the second quarter valued at about $568,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of MannKind Corporation by 20.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock valued at $830,000 after acquiring an additional 98,520 shares in the last quarter. Institutional investors and hedge funds own 14.59% of the company’s stock.

MannKind Corporation 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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