MannKind (MNKD) Lowered to “Hold” at BidaskClub

BidaskClub cut shares of MannKind (NASDAQ:MNKD) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Several other brokerages have also recently issued reports on MNKD. Maxim Group reaffirmed a buy rating on shares of MannKind in a research note on Friday, September 1st. HC Wainwright reaffirmed a buy rating on shares of MannKind in a research note on Wednesday, November 8th. Zacks Investment Research raised shares of MannKind from a sell rating to a hold rating in a research note on Wednesday, October 11th. Finally, ValuEngine cut shares of MannKind from a hold rating to a sell rating in a research note on Wednesday, October 18th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $0.92.

Shares of MannKind (NASDAQ MNKD) opened at $3.01 on Friday. The company has a debt-to-equity ratio of -0.43, a current ratio of 0.31 and a quick ratio of 0.28. MannKind has a 1-year low of $0.67 and a 1-year high of $6.96.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.11). The company had revenue of $2.04 million for the quarter, compared to the consensus estimate of $2.56 million. The business’s quarterly revenue was down 98.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 earnings per share. sell-side analysts forecast that MannKind will post -1.13 EPS for the current fiscal year.

In other news, Director Kent Kresa purchased 166,600 shares of the stock in a transaction dated Friday, October 13th. The shares were purchased at an average price of $6.00 per share, with a total value of $999,600.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.10% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. acquired a new position in shares of MannKind during the 3rd quarter valued at about $156,000. Wells Fargo & Company MN lifted its position in MannKind by 51.5% in the third quarter. Wells Fargo & Company MN now owns 89,951 shares of the biopharmaceutical company’s stock valued at $196,000 after buying an additional 30,589 shares during the last quarter. Dupont Capital Management Corp acquired a new position in MannKind in the third quarter valued at about $219,000. Bank of New York Mellon Corp lifted its position in MannKind by 30.2% in the third quarter. Bank of New York Mellon Corp now owns 108,380 shares of the biopharmaceutical company’s stock valued at $236,000 after buying an additional 25,125 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in MannKind in the third quarter valued at about $270,000. 12.18% of the stock is currently owned by hedge funds and other institutional investors.

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About MannKind

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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