MannKind Corporation (NASDAQ: MNKD) Seen Running Too Hot, Let’s Look At This More Closely

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GLBE Stock

BlackRock Fund Advisors recently announced the acquisition of new stake in MannKind Corporation (NASDAQ:MNKD). The institutional investor has increased its shareholding in the Healthcare company by 12.20% to 15.4 million shares with purchase of 1.67 million shares. This fresh investment now brings its stake to 7.23% valued currently at $24.02 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.57 million to 10.27 million shares. And Morgan Stanley & Co. LLC has lifted its position by 735.56% or 3.47 million shares – to 3.94 million shares.

With over 1.74 million MannKind Corporation (MNKD) shares trading Monday and a closing price of $1.74 on the day, the dollar volume was approximately $3.02 million. The shares have shown a positive weekly performance of 2.96% and its price on 08/31/20 gained nearly 1.75%. Currently, there are 229.18M common shares owned by the public and among those 218.48M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for MNKD have a consensus price objective of $3.00. The analysts have set the share’s price value over the next 12 months at a high of $4.00 and a low of $2.50 should the stock experience a downside. Incidentally, analysts’ outlook for the MannKind Corporation stock is 1.40 for the next 12 months. But an upside of 56.5% will see the stock hit the forecast high price target while mean target price for the stock is $3.00.

Insiders at the company have transacted a total of 24 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 117,533 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 91,510 shares.

The top 3 mutual fund holders in MannKind Corporation are Vanguard Total Stock Market Index, Fidelity Select Port. – Biotechno, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 6.0 million shares of the company’s stock, all valued at over $9.36 million. iShares Russell 2000 ETF sold -0.2 million shares to bring its total holdings to over 4.38 million shares at a value of $6.83 million. iShares Russell 2000 ETF now owns shares totaling to 2.05% of the shares outstanding.

Shares of MannKind Corporation (NASDAQ: MNKD) opened at $1.73, up $0.02 from a prior closing price of $1.71. However, the script later closed the day at $1.74, up 1.75%. The company’s stock has a 5-day price change of 2.96% and 20.83% over the past three months. MNKD shares are trading 34.88% year to date (YTD), with the 12-month market performance up to 58.18% higher. It has a 12-month low price of $0.80 and touched a high of $2.48 over the same period. Currently, 1.74 million shares have been traded, compared to an average intraday trading volume of 3.50 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.17%, 0.75%, and 22.29% respectively.

Institutional ownership of MannKind Corporation (NASDAQ: MNKD) shares accounts for 31.50% of the company’s 229.18M shares outstanding. Mutual fund holders own 16.87%, while other institutional holders and individual stakeholders account for 3.14% and 16.45% respectively.

It has a market capitalization of $396.44M and a beta (3y monthly) value of 2.20. The earnings-per-share (ttm) stands at -$0.21. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.47% over the week and 6.99% over the month.

Analysts forecast that MannKind Corporation (MNKD) will achieve an EPS of -$0.04 for the current quarter, -$0.04 for the next quarter and -$0.08 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.04. Comparatively, EPS for the current quarter was -$0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 56.00%, and 55.60% over the next financial year. EPS should shrink at an annualized rate of 29.20% over the next five years, compared to 36.50% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate MannKind Corporation (MNKD) as a “Strong Buy” at a consensus score of 1.40. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the MNKD, a number of firms have released research notes about the stock. Oppenheimer stated their Outperform rating for the stock in a research note on December 24, 2019, with the firm’s price target at $2.50. Cantor Fitzgerald coverage for the MannKind Corporation (MNKD) stock in a research note released on October 25, 2019 offered a Overweight rating with a price target of $3. BTIG Research was of a view on May 14, 2019 that the stock is Buy, while SVB Leerink gave the stock Outperform rating on March 04, 2019, issuing a price target of $3. SVB Leerink on their part issued Outperform rating on February 22, 2019.


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