Proficio Capital Partners LLC Makes New Investment in MannKind Co. (NASDAQ:MNKD)

Proficio Capital Partners LLC bought a new stake in MannKind Co. (NASDAQ:MNKD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,963 shares of the biopharmaceutical company’s stock, valued at approximately $70,000.

A number of other large investors also recently modified their holdings of MNKD. Principal Financial Group Inc. raised its position in MannKind by 401.8% in the 3rd quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company’s stock valued at $1,060,000 after buying an additional 134,937 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of MannKind during the third quarter worth $12,252,000. Barclays PLC lifted its holdings in MannKind by 186.0% during the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock worth $3,271,000 after purchasing an additional 338,121 shares in the last quarter. Parkman Healthcare Partners LLC lifted its holdings in MannKind by 37.1% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after purchasing an additional 894,486 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in MannKind by 15.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company’s stock worth $11,859,000 after purchasing an additional 251,587 shares during the period. Institutional investors own 49.55% of the company’s stock.

MannKind Stock Down 1.2 %

NASDAQ MNKD opened at $5.15 on Friday. The stock’s 50-day simple moving average is $5.73 and its two-hundred day simple moving average is $6.27. MannKind Co. has a twelve month low of $3.97 and a twelve month high of $7.63. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 73.57 and a beta of 1.27.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The company had revenue of $76.78 million during the quarter, compared to the consensus estimate of $74.99 million. On average, equities analysts expect that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on MNKD shares. StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Wells Fargo & Company started coverage on MannKind in a research report on Friday, December 20th. They issued an “overweight” rating and a $9.00 price objective on the stock. Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $11.00 price target on shares of MannKind in a report on Thursday, February 27th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $9.21.

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.