MannKind (MNKD) Shares Gap Up to $2.11

Shares of MannKind Co. (NASDAQ:MNKD) gapped up prior to trading on Thursday . The stock had previously closed at $2.06, but opened at $2.11. MannKind shares last traded at $2.24, with a volume of 5466583 shares changing hands.

MNKD has been the topic of several recent analyst reports. ValuEngine upgraded shares of MannKind from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Svb Leerink initiated coverage on shares of MannKind in a report on Friday, February 22nd. They issued an “outperform” rating and a $3.00 price target on the stock. Leerink Swann initiated coverage on shares of MannKind in a report on Friday, February 22nd. They issued an “outperform” rating and a $3.00 price target on the stock. Finally, BidaskClub upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $3.06.

The firm has a market cap of $419.65 million, a P/E ratio of -3.73 and a beta of 2.68.

MannKind (NASDAQ:MNKD) last announced its earnings results on Tuesday, February 26th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.28). During the same quarter in the previous year, the company posted ($0.28) EPS. Analysts expect that MannKind Co. will post -0.32 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. CAPROCK Group Inc. bought a new stake in shares of MannKind during the 4th quarter valued at $42,000. Virtu Financial LLC bought a new stake in shares of MannKind during the 4th quarter valued at $50,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of MannKind by 196.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 55,407 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 36,694 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of MannKind by 82.3% during the 2nd quarter. Bank of America Corp DE now owns 123,414 shares of the biopharmaceutical company’s stock valued at $235,000 after buying an additional 55,721 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of MannKind by 300.5% during the 3rd quarter. Alliancebernstein L.P. now owns 154,600 shares of the biopharmaceutical company’s stock valued at $283,000 after buying an additional 116,000 shares in the last quarter. Hedge funds and other institutional investors own 33.37% of the company’s stock.

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About MannKind (NASDAQ:MNKD)

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for diabetes and pulmonary arterial hypertension patients. It offers Afrezza, a dry powder formulation of human insulin that controls high blood sugar in adults with type 1 and type 2 diabetes in the United States.

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