HighTower Advisors LLC Sells 96,211 Shares of MannKind Co. (NASDAQ:MNKD)

HighTower Advisors LLC lessened its stake in shares of MannKind Co. (NASDAQ:MNKD) by 67.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,182 shares of the biopharmaceutical company’s stock after selling 96,211 shares during the quarter. HighTower Advisors LLC’s holdings in MannKind were worth $303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. bought a new position in MannKind in the 3rd quarter valued at about $12,252,000. Two Sigma Advisers LP lifted its holdings in MannKind by 60.7% during the third 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 raised its stake 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 worth $20,783,000 after purchasing an additional 894,486 shares during the period. Raymond James Financial Inc. purchased a new stake in MannKind during the fourth quarter worth about $4,209,000. Finally, BNP Paribas Financial Markets boosted 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 last quarter. Institutional investors own 49.55% of the company’s stock.

MannKind Price Performance

MNKD stock opened at $4.95 on Wednesday. MannKind Co. has a 1-year low of $3.97 and a 1-year high of $7.63. The business has a fifty day moving average price of $5.44 and a 200-day moving average price of $6.19. The stock has a market capitalization of $1.50 billion, a P/E ratio of 70.71 and a beta of 1.27.

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

Analyst Ratings Changes

MNKD has been the subject of several recent research reports. Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Wells Fargo & Company initiated coverage on MannKind in a research note on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock. StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a report on Wednesday, March 19th. Finally, Wedbush restated an “outperform” rating and set a $11.00 price target on shares of MannKind in a research report on Thursday, February 27th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $9.21.

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.