A close-up of a doctor’s hand pressing on an inhaler, conveying the effect of the company’s therapeutic products.
MannKind Corporation (NASDAQ:MNKD)
Short % of Float: 14.60%
Number of Hedge Fund Holders: 20
In Q2 2024, MannKind Corporation (NASDAQ:MNKD) reported record revenues of $72 million, driven by its key products, Tabesa DPI and Afrezza. Despite reporting a GAAP net loss of $2 million due to early debt repayment, the company remains financially strong with $262 million in cash and investments. Moreover, MannKind Corporation (NASDAQ:MNKD) hit a 52-week high in late August, climbing to $6.04 as investors showed strong support for the company’s promising performance and growth outlook. This milestone marks a notable surge in investor confidence, with the stock experiencing a 57.40% increase year-to-date.
Oppenheimer recently raised MNKD’s price target to $12.00, citing the potential market expansion of TYVASO for treating idiopathic pulmonary fibrosis (IPF), which could generate up to $5 billion in peak sales by 2033, benefiting MannKind through royalties. Additionally, Leerink Partners initiated coverage of MannKind Corporation (NASDAQ:MNKD) with an Outperform rating and an $8.00 price target, highlighting multiple opportunities for value creation beyond its current business and royalty streams.
According to Insider Monkey’s Q2 database, MannKind Corporation (NASDAQ:MNKD) appeared in 20 hedge fund portfolios, up from 19 in the previous quarter. The largest stakeholder is Seth Rosen’s Nitorum Capital, holding roughly 10 million shares valued at $52.6 million.
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Disclosure: None. This article is originally published at Insider Monkey. An earlier version of this article mistakenly classified MNKD as a cancer stock.