Mackenzie Financial Corp Boosts Holdings in MannKind Co. (NASDAQ:MNKD)

Mackenzie Financial Corp raised its holdings in MannKind Co. (NASDAQ:MNKD) by 65.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,848 shares of the biopharmaceutical company’s stock after purchasing an additional 12,985 shares during the period. Mackenzie Financial Corp’s holdings in MannKind were worth $171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of MNKD. The Manufacturers Life Insurance Company raised its position in shares of MannKind by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after purchasing an additional 3,374 shares during the last quarter. Millennium Management LLC increased its position in MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after buying an additional 3,107,598 shares in the last quarter. Dark Forest Capital Management LP increased its position in MannKind by 1,551.2% during the second quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock worth $1,441,000 after buying an additional 259,257 shares in the last quarter. Deerfield Management Company L.P. Series C raised its holdings in shares of MannKind by 17.5% in the second quarter. Deerfield Management Company L.P. Series C now owns 196,577 shares of the biopharmaceutical company’s stock worth $1,026,000 after acquiring an additional 29,299 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of MannKind by 8.1% in the second quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock valued at $223,000 after acquiring an additional 3,214 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Price Performance

NASDAQ:MNKD opened at $6.34 on Tuesday. The stock’s 50-day moving average is $5.88 and its two-hundred day moving average is $5.17. The stock has a market cap of $1.73 billion, a PE ratio of 211.33 and a beta of 1.31. MannKind Co. has a fifty-two week low of $3.17 and a fifty-two week high of $6.92.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. The business had revenue of $72.39 million for the quarter, compared to the consensus estimate of $64.81 million. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. MannKind’s revenue for the quarter was up 48.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) earnings per share. On average, equities research analysts anticipate that MannKind Co. will post 0.11 earnings per share for the current year.

Insider Transactions at MannKind

In related news, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the completion of the sale, the insider now owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the sale, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 197,997 shares of company stock valued at $1,245,912 in the last three months. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MNKD shares. Leerink Partners assumed coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. Oppenheimer lifted their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Rodman & Renshaw assumed coverage on MannKind in a research note on Thursday, June 13th. They set a “buy” rating and a $8.00 price target on the stock. Finally, Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, MannKind presently has an average rating of “Buy” and an average price target of $8.67.

MannKind Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults.