The Manufacturers Life Insurance Company Grows Stake in MannKind Co. (NASDAQ:MNKD)

The Manufacturers Life Insurance Company raised its stake in shares of MannKind Co. (NASDAQ:MNKD) by 36.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,730 shares of the biopharmaceutical company’s stock after purchasing an additional 37,295 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of MannKind worth $873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Millennium Management LLC grew its position in MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after acquiring an additional 3,107,598 shares during the last quarter. TSP Capital Management Group LLC lifted its holdings in MannKind by 196.0% during the 2nd quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after buying an additional 1,583,800 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in MannKind in the 2nd quarter valued at about $1,524,000. Dark Forest Capital Management LP grew its stake in MannKind by 1,551.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock worth $1,441,000 after acquiring an additional 259,257 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of MannKind by 15.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company’s stock worth $11,859,000 after acquiring an additional 251,587 shares during the period. 49.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MNKD has been the subject of a number of recent research reports. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Leerink Partners began coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective on the stock. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Finally, Oppenheimer raised 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. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.67.

MannKind Price Performance

Shares of MannKind stock opened at $6.55 on Friday. The stock has a market capitalization of $1.81 billion, a P/E ratio of 93.57 and a beta of 1.28. The business has a 50 day simple moving average of $6.77 and a two-hundred day simple moving average of $5.95. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $7.63.

Insider Activity

In other MannKind news, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the sale, the insider now owns 967,191 shares in the company, valued at $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the sale, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. The trade was a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is currently owned by 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.