nVerses Capital LLC Invests $114,000 in MannKind Co. (NASDAQ:MNKD)

nVerses Capital LLC acquired a new position in MannKind Co. (NASDAQ:MNKD) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 18,100 shares of the biopharmaceutical company’s stock, valued at approximately $114,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in shares of MannKind in the 2nd quarter worth about $55,000. 9258 Wealth Management LLC purchased a new stake in MannKind during the 1st quarter valued at about $51,000. Brookstone Capital Management purchased a new stake in MannKind during the 2nd quarter valued at about $61,000. Renaissance Technologies LLC purchased a new stake in MannKind during the 2nd quarter valued at about $67,000. Finally, EntryPoint Capital LLC boosted its holdings in MannKind by 60.9% during the 1st quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 9,008 shares during the period. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MNKD shares. Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Leerink Partners started coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target for the company. Finally, Leerink Partnrs raised MannKind to a “strong-buy” rating in a research 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 company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $8.67.

Insider Activity at MannKind

In related news, insider Stuart A. Tross sold 80,000 shares of the firm’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 transaction of $506,400.00. Following the completion of the transaction, the insider now owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Stuart A. Tross sold 80,000 shares of the firm’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 transaction of $506,400.00. Following the completion of the transaction, the insider now owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total value of $156,500.00. Following the transaction, the insider now directly owns 1,022,191 shares of the company’s stock, valued at approximately $6,398,915.66. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 195,161 shares of company stock valued at $1,229,095 in the last 90 days. Corporate insiders own 3.00% of the company’s stock.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $6.60 on Monday. MannKind Co. has a 52-week low of $3.17 and a 52-week high of $6.92. The firm has a market capitalization of $1.80 billion, a P/E ratio of 220.00 and a beta of 1.31. The stock has a 50 day moving average price of $6.09 and a 200-day moving average price of $5.29.

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

About MannKind

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.