Bank of New York Mellon Corp Grows Holdings in MannKind Co. (NASDAQ:MNKD)

Bank of New York Mellon Corp raised its position in shares of MannKind Co. (NASDAQ:MNKD) by 7.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 789,760 shares of the biopharmaceutical company’s stock after purchasing an additional 51,598 shares during the quarter. Bank of New York Mellon Corp owned 0.29% of MannKind worth $5,078,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Beirne Wealth Consulting Services LLC purchased a new position in shares of MannKind during the 4th quarter valued at $66,000. Marshall Investment Management LLC bought a new stake in MannKind during the fourth quarter valued at about $69,000. Quantinno Capital Management LP bought a new stake in MannKind during the third quarter valued at about $85,000. National Bank of Canada FI lifted its position in shares of MannKind by 14.8% in the third quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock valued at $136,000 after acquiring an additional 2,783 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in shares of MannKind by 104.4% in the third quarter. XTX Topco Ltd now owns 45,248 shares of the biopharmaceutical company’s stock worth $285,000 after acquiring an additional 23,111 shares during the period. 49.55% of the stock is currently owned by institutional investors.

MannKind Stock Performance

NASDAQ MNKD opened at $5.24 on Tuesday. The stock has a 50 day moving average price of $5.65 and a 200-day moving average price of $6.26. MannKind Co. has a one year low of $3.97 and a one year high of $7.63. The company has a market capitalization of $1.59 billion, a P/E ratio of 74.86 and a beta of 1.27.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $76.78 million during the quarter, compared to analyst estimates of $74.99 million. As a group, equities analysts predict that MannKind Co. will post 0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MNKD shares. Wedbush reissued an “outperform” rating and set a $11.00 target price on shares of MannKind in a research note on Thursday, February 27th. Wells Fargo & Company began coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective for the company. Royal Bank of Canada raised shares of 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 report on Thursday, December 19th. Finally, StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $9.21.

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.