Intech Investment Management LLC Takes $395,000 Position in MannKind Co. (NASDAQ:MNKD)

Intech Investment Management LLC bought a new stake in MannKind Co. (NASDAQ:MNKD) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 62,789 shares of the biopharmaceutical company’s stock, valued at approximately $395,000.

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in MannKind by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 172,054 shares of the biopharmaceutical company’s stock worth $780,000 after acquiring an additional 9,410 shares during the last quarter. 180 Wealth Advisors LLC increased its stake in MannKind by 4.7% during the 2nd quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock worth $11,411,000 after buying an additional 91,924 shares during the period. Brookstone Capital Management purchased a new stake in MannKind during the 2nd quarter worth approximately $61,000. Hennion & Walsh Asset Management Inc. increased its stake in MannKind by 6.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 251,309 shares of the biopharmaceutical company’s stock worth $1,312,000 after buying an additional 15,423 shares during the period. Finally, Aaron Wealth Advisors LLC increased its stake in MannKind by 82.5% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 176,998 shares of the biopharmaceutical company’s stock worth $924,000 after buying an additional 80,000 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analyst Weigh In

MNKD has been the topic of a number of recent analyst reports. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Leerink Partners assumed coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price for the company. StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Friday, November 29th. Finally, Oppenheimer increased their price target on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Seven investment 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.com, MannKind currently has an average rating of “Buy” and an average price target of $8.67.

MannKind Stock Performance

MNKD opened at $6.71 on Wednesday. The company’s 50 day simple moving average is $6.71 and its 200 day simple moving average is $5.86. MannKind Co. has a 1 year low of $3.17 and a 1 year high of $7.63. The stock has a market capitalization of $1.85 billion, a PE ratio of 95.86 and a beta of 1.28.

Insider Buying and Selling

In related news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. This represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 190,075 shares of company stock valued at $1,325,587. Insiders own 3.00% of the company’s stock.

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.