Private Advisor Group LLC Boosts Stock Position in MannKind Co. (NASDAQ:MNKD)

Private Advisor Group LLC raised its stake in shares of MannKind Co. (NASDAQ:MNKD) by 45.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,585 shares of the biopharmaceutical company’s stock after acquiring an additional 9,588 shares during the period. Private Advisor Group LLC’s holdings in MannKind were worth $192,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of MannKind by 8.1% during the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after buying an additional 3,214 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake 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 buying an additional 3,374 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of MannKind by 6.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after buying an additional 3,861 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of MannKind by 9.0% during the 1st quarter. ProShare Advisors LLC now owns 65,811 shares of the biopharmaceutical company’s stock worth $298,000 after buying an additional 5,416 shares in the last quarter. Finally, EntryPoint Capital LLC raised its stake in shares of MannKind by 60.9% during the 1st quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock worth $108,000 after buying an additional 9,008 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $7.35 on Friday. The business’s fifty day moving average price is $6.54 and its two-hundred day moving average price is $5.56. The stock has a market cap of $2.02 billion, a PE ratio of 183.67 and a beta of 1.30. MannKind Co. has a one year low of $3.17 and a one year high of $7.63.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MNKD. Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partners initiated coverage on MannKind in a report on Monday, September 9th. They issued an “outperform” 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 analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.67.

Insider Transactions at MannKind

In other news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the sale, the chief executive officer now owns 2,294,836 shares in the company, valued at $14,457,466.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Castagna sold 85,106 shares of the stock in a transaction on Thursday, August 29th. The stock was 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 approximately $14,457,466.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Steven B. Binder sold 5,055 shares of the 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 completion of the transaction, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 250,161 shares of company stock worth $1,632,795 over the last quarter. 3.00% of the stock is currently owned by insiders.

MannKind Company 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.