MannKind Corporation [NASDAQ: MNKD] stock went on a downward path that fall over -1.85% on Friday, amounting to a one-week price increase of more than 2.05%. The company report on March 16, 2021 that MannKind Announces Closing of Initial Purchasers’ Option to Purchase Additional Convertible Senior Notes.
MannKind Corporation (Nasdaq: MNKD) announced that on March 15, 2021 it issued an additional $30.0 million aggregate principal amount of 2.50% Convertible Senior Notes due 2026 (the “notes”) pursuant to the exercise in full of the initial purchasers’ option in connection with MannKind’s previously-announced private placement (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). After giving effect to the additional sale of notes pursuant to the exercise in full of the initial purchasers’ option, MannKind estimates that the total net proceeds from the offering were approximately $222.9 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.
The notes are general unsecured obligations of MannKind and will accrue interest at a rate of 2.50% per annum, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. The notes will mature on March 1, 2026, unless earlier converted, redeemed or repurchased.
Over the last 12 months, MNKD stock rose by 311.65%. The one-year MannKind Corporation stock forecast points to a potential upside of 34.77. The average equity rating for MNKD stock is currently 1.40, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.08 billion, with 249.07 million shares outstanding and 236.34 million shares in the current float. Compared to the average trading volume of 6.18M shares, MNKD stock reached a trading volume of 2814235 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on MannKind Corporation [MNKD]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MNKD shares is $6.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MNKD stock is a recommendation set at 1.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Oppenheimer have made an estimate for MannKind Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on December 24, 2019. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on October 25, 2019, representing the official price target for MannKind Corporation stock. Previously, the target price had yet another raise to $3, while BTIG Research analysts kept a Buy rating on MNKD stock.
The Average True Range (ATR) for MannKind Corporation is set at 0.27, with the Price to Sales ratio for MNKD stock in the period of the last 12 months amounting to 16.53.
MNKD Stock Performance Analysis:
MannKind Corporation [MNKD] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.05. With this latest performance, MNKD shares gained by 10.13% in over the last four-week period, additionally plugging by 124.34% over the last 6 months – not to mention a rise of 311.65% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MNKD stock in for the last two-week period is set at 54.94, with the RSI for the last a single of trading hit 60.16, and the three-weeks RSI is set at 52.87 for MannKind Corporation [MNKD]. The present Moving Average for the last 50 days of trading for this stock 4.36, while it was recorded at 4.20 for the last single week of trading, and 2.81 for the last 200 days.
Insight into MannKind Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and MannKind Corporation [MNKD] shares currently have an operating margin of -38.05 and a Gross Margin at +62.17. MannKind Corporation’s Net Margin is presently recorded at -87.87.
Reflecting on the efficiency of the workforce at the company, MannKind Corporation [MNKD] managed to generate an average of -$237,510 per employee. Receivables Turnover for the company is 16.85 with a Total Asset Turnover recorded at a value of 0.64.MannKind Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.10.
MNKD Stock EPS
With the latest financial reports released by the company, MannKind Corporation posted -0.04/share EPS, while the average EPS was predicted by analysts to be reported at -0.06/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 33.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MNKD. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for MannKind Corporation go to 35.60%.
MannKind Corporation [MNKD] Insider Position Details
There are presently around $319 million, or 30.90% of MNKD stock, in the hands of institutional investors. The top three institutional holders of MNKD stocks are: BLACKROCK INC. with ownership of 17,975,840, which is approximately 1.812% of the company’s market cap and around 0.50% of the total institutional ownership; VANGUARD GROUP INC, holding 12,291,714 shares of the stock with an approximate value of $52.12 million in MNKD stocks shares; and STATE STREET CORP, currently with $37.51 million in MNKD stock with ownership of nearly 137.376% of the company’s market capitalization.
Positions in MannKind Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 84 institutional holders increased their position in MannKind Corporation [NASDAQ:MNKD] by around 17,421,811 shares. Additionally, 55 investors decreased positions by around 11,057,658 shares, while 30 investors held positions by with 46,755,085 shares. The mentioned changes placed institutional holdings at 75,234,554 shares, according to the latest SEC report filing. MNKD stock had 31 new institutional investments in for a total of 7,919,099 shares, while 19 institutional investors sold positions of 6,706,745 shares during the same period.