State Street Corp Buys 40,338 Shares of MannKind Co. (NASDAQ:MNKD)

State Street Corp grew its stake in shares of MannKind Co. (NASDAQ:MNKD) by 0.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,597,137 shares of the biopharmaceutical company’s stock after buying an additional 40,338 shares during the quarter. State Street Corp owned 3.48% of MannKind worth $60,366,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in shares of MannKind by 401.8% in the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock worth $1,060,000 after purchasing an additional 134,937 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in MannKind in the 3rd quarter worth approximately $12,252,000. International Assets Investment Management LLC boosted its stake in MannKind by 511.6% in the third quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company’s stock worth $558,000 after buying an additional 74,189 shares in the last quarter. Parkman Healthcare Partners LLC grew its position in MannKind by 37.1% during the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after acquiring an additional 894,486 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of MannKind in the 3rd quarter worth approximately $546,000. 49.55% of the stock is owned by institutional investors.

MannKind Price Performance

Shares of NASDAQ:MNKD opened at $5.94 on Thursday. MannKind Co. has a 1 year low of $3.17 and a 1 year high of $7.63. The stock’s 50-day moving average is $6.75 and its 200 day moving average is $6.01. The company has a market cap of $1.64 billion, a PE ratio of 84.86 and a beta of 1.28.

Wall Street Analyst Weigh In

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

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 67,539 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $6.76, for a total value of $456,563.64. Following the completion of the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction that occurred 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 sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock worth $1,325,587 over the last quarter. 3.00% of the stock is 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.