Franklin Resources Inc. Buys 4,603 Shares of MannKind Co. (NASDAQ:MNKD)

Franklin Resources Inc. lifted its stake in MannKind Co. (NASDAQ:MNKD) by 3.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 160,016 shares of the biopharmaceutical company’s stock after buying an additional 4,603 shares during the period. Franklin Resources Inc. owned about 0.06% of MannKind worth $1,047,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MNKD. Millennium Management LLC lifted its position in shares of MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in MannKind in the third quarter worth $12,252,000. Two Sigma Advisers LP lifted its holdings in shares of MannKind by 60.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after acquiring an additional 1,000,600 shares during the period. Parkman Healthcare Partners LLC boosted its position in shares of MannKind by 37.1% during the 3rd 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 in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in MannKind by 421.3% in the third quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company’s stock valued at $2,968,000 after acquiring an additional 381,298 shares during the period. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Stock Down 1.0 %

Shares of MannKind stock opened at $6.82 on Friday. The business has a fifty day simple moving average of $6.78 and a 200 day simple moving average of $6.10. The stock has a market cap of $1.88 billion, a PE ratio of 97.43 and a beta of 1.28. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $7.63.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MNKD. Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. Wells Fargo & Company began coverage on MannKind in a report on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price on the stock. StockNews.com lowered MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Leerink Partnrs raised MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Leerink Partners initiated coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective for the company. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.88.

Insider Activity

In other news, Director Steven B. Binder sold 67,539 shares of MannKind stock in a transaction on Friday, November 15th. The shares were sold at an average price of $6.76, for a total transaction of $456,563.64. Following the transaction, the director now directly owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares of the company’s stock, valued at approximately $7,099,181.94. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock valued at $1,325,587 in the last ninety days. 3.00% of the stock is owned by insiders.

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.