Bank of New York Mellon Corp Increases Stock Position in MannKind Co. (NASDAQ:MNKD)

Bank of New York Mellon Corp lifted its holdings in MannKind Co. (NASDAQ:MNKD) by 14.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 915,248 shares of the biopharmaceutical company’s stock after buying an additional 115,390 shares during the quarter. Bank of New York Mellon Corp’s holdings in MannKind were worth $4,778,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC purchased a new stake in MannKind during the 1st quarter worth about $450,000. Parkman Healthcare Partners LLC increased its position in shares of MannKind by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after purchasing an additional 429,677 shares during the last quarter. 180 Wealth Advisors LLC raised its holdings in shares of MannKind by 12.6% during the first quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock worth $8,798,000 after purchasing an additional 216,880 shares during the period. Virtu Financial LLC lifted its stake in MannKind by 87.2% in the fourth quarter. Virtu Financial LLC now owns 96,066 shares of the biopharmaceutical company’s stock valued at $350,000 after buying an additional 44,737 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of MannKind by 71.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 235,886 shares of the biopharmaceutical company’s stock worth $1,069,000 after buying an additional 98,282 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total transaction of $156,500.00. Following the sale, the insider now owns 1,022,191 shares in the company, valued at approximately $6,398,915.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other MannKind news, insider Stuart A. Tross sold 25,000 shares of MannKind stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total transaction of $156,500.00. Following the transaction, the insider now directly owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $6.33, for a total transaction of $506,400.00. Following the completion of the sale, the insider now directly owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 197,997 shares of company stock valued at $1,245,912. Company insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

MNKD has been the subject of several research analyst reports. Rodman & Renshaw initiated coverage on shares of MannKind in a research report on Thursday, June 13th. They issued a “buy” rating and a $8.00 price target for the company. Leerink Partners assumed coverage on shares of MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. Leerink Partnrs raised shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Finally, Oppenheimer upped their target price on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.67.

MannKind Stock Up 1.1 %

MannKind stock opened at $6.27 on Friday. The firm’s fifty day moving average is $5.65 and its 200 day moving average is $4.96. The company has a market capitalization of $1.72 billion, a PE ratio of 209.07 and a beta of 1.32. MannKind Co. has a 12-month low of $3.17 and a 12-month high of $6.44.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.01 by $0.04. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The business had revenue of $72.39 million for the quarter, compared to the consensus estimate of $64.81 million. During the same quarter in the prior year, the business earned ($0.02) earnings per share. MannKind’s revenue for the quarter was up 48.9% on a year-over-year basis. Sell-side analysts expect that MannKind Co. will post 0.11 EPS for the current fiscal year.

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.