BlackRock Fund Advisors recently announced the acquisition of new stake in Mannkind Corp (NASDAQ:MNKD). The institutional investor has increased its shareholding in the Healthcare company by 0.33% to 18.44 million shares with purchase of 60594.0 shares. This fresh investment now brings its stake to 6.84% valued currently at $66.75 million. In addition, The Vanguard Group, Inc. raised its holdings by 24088.0 to 14.0 million shares. And Nitorum Capital LP has lifted its position by 116.42% or 5.63 million shares – to 10.47 million shares.
With over 7.69 million Mannkind Corp (MNKD) shares trading Tuesday and a closing price of $3.92 on the day, the dollar volume was approximately $30.15 million. The shares have shown a negative half year performance of -1.51% and its price on 01/02/24 gained nearly 7.69%. Currently, there are 263.79M common shares owned by the public and among those 260.32M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for MNKD have a consensus price objective of $6.92. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $5.00. The average price target is 43.35% above its recent price level and an upside to the estimated low will see the stock gain 21.6% over that period. But an upside of 60.8% will see the stock hit the forecast high price target while median target price for the stock is $6.75.
Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 3,369,004 shares. Insider sales of the common stock occurred on 35 occasions, with total insider shares sold totaling 2,349,053 shares.
The top 3 mutual fund holders in Mannkind Corp are Vanguard Total Stock Market ETF, SPDR S&P Biotech ETF, and Fidelity Select Port. – Biotechno. Vanguard Total Stock Market ETF owns 7.97 million shares of the company’s stock, all valued at over $28.85 million. The company bought an additional 18185.0 shares recently to bring their total holdings to about 2.96% of the shares outstanding. SPDR S&P Biotech ETF bought 35055.0 shares to see its total holdings expand to 7.52 million shares valued at over $27.23 million and representing 2.79% of the shares outstanding. Fidelity Select Port. – Biotechno now owns shares totaling to 2.39% of the shares outstanding.
Shares of Mannkind Corp (NASDAQ: MNKD) opened at $3.71, up $0.07 from a prior closing price of $3.64. However, the script later moved the day high at 4.1400, up 7.69%. The company’s stock has a 5-day price change of 8.89% and -2.73% over the past three months. MNKD shares are trading 7.69% year to date (YTD), with the 12-month market performance down to -27.00% lower. It has a 12-month low price of $3.30 and touched a high of $5.75 over the same period. MNKD has an average intraday trading volume of 2.58 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 6.60%, 4.32%, and -5.64% respectively.
Institutional ownership of Mannkind Corp (NASDAQ: MNKD) shares accounts for 51.28% of the company’s 263.79M shares outstanding. Mutual fund holders own 27.86%, while other institutional holders and individual stakeholders account for 5.18% and 23.44% respectively.
It has a market capitalization of $1.06B and a beta (3y monthly) value of 1.31. The earnings-per-share (ttm) stands at -$0.12. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.57% over the week and 5.52% over the month.
Analysts forecast that Mannkind Corp (MNKD) will achieve an EPS of $0.01 for the current quarter, $0.01 for the next quarter and $0.11 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was -$0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 87.25%, and 353.85% over the next financial year. EPS should grow at an annualized rate of 35.60% over the next five years, compared to 21.35% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Mannkind Corp (MNKD) as a “Strong Buy” at a consensus score of 1.33. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 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. Wedbush stated their Outperform rating for the stock in a research note on October 10, 2023, with the firm’s price target at $10.
