International Assets Investment Management LLC Grows Position in MannKind Co. (NASDAQ:MNKD)

International Assets Investment Management LLC boosted its stake in MannKind Co. (NASDAQ:MNKD) by 511.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 88,689 shares of the biopharmaceutical company’s stock after buying an additional 74,189 shares during the quarter. International Assets Investment Management LLC’s holdings in MannKind were worth $558,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Private Advisor Group LLC increased its position in shares of MannKind by 45.7% during the 3rd quarter. Private Advisor Group LLC now owns 30,585 shares of the biopharmaceutical company’s stock valued at $192,000 after purchasing an additional 9,588 shares during the last quarter. Foundations Investment Advisors LLC purchased a new position in MannKind during the 3rd quarter valued at about $93,000. nVerses Capital LLC purchased a new position in MannKind during the 3rd quarter valued at about $114,000. SG Americas Securities LLC purchased a new position in MannKind during the 3rd quarter valued at about $546,000. Finally, New Wave Wealth Advisors LLC purchased a new position in MannKind during the 2nd quarter valued at about $151,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MNKD has been the subject of several recent analyst reports. Leerink Partnrs raised MannKind to a “strong-buy” rating in a report on Monday, September 9th. Oppenheimer boosted their price objective on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Leerink Partners started coverage on MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Stock Performance

Shares of MNKD stock opened at $7.26 on Wednesday. MannKind Co. has a fifty-two week low of $3.17 and a fifty-two week high of $7.32. The stock has a 50 day moving average price of $6.43 and a two-hundred day moving average price of $5.49. The company has a market capitalization of $2.00 billion, a P/E ratio of 181.50 and a beta of 1.30.

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

Insiders Place Their Bets

In related news, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the transaction, the chief executive officer now owns 2,294,836 shares in the company, valued at $14,457,466.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the sale, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at $6,385,654.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Castagna sold 85,106 shares of the firm’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 transaction, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,161 shares of company stock worth $1,229,095. 3.00% of the stock is currently owned by corporate insiders.

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.