New Wave Wealth Advisors LLC Invests $151,000 in MannKind Co. (NASDAQ:MNKD)

New Wave Wealth Advisors LLC acquired a new stake in shares of MannKind Co. (NASDAQ:MNKD) during the second quarter, HoldingsChannel.com reports. The fund acquired 29,000 shares of the biopharmaceutical company’s stock, valued at approximately $151,000.

Other institutional investors have also made changes to their positions in the company. 9258 Wealth Management LLC bought a new position in shares of MannKind in the first quarter valued at approximately $51,000. Meeder Asset Management Inc. bought a new position in MannKind in the 2nd quarter worth $55,000. Brookstone Capital Management acquired a new position in MannKind during the 2nd quarter worth $61,000. Renaissance Technologies LLC bought a new stake in MannKind during the second quarter valued at about $67,000. Finally, EntryPoint Capital LLC grew its position in shares of MannKind by 60.9% in the first quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 9,008 shares during the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Trading Down 0.5 %

MNKD opened at $6.26 on Wednesday. The stock’s 50 day simple moving average is $5.83 and its 200-day simple moving average is $5.11. The stock has a market cap of $1.70 billion, a PE ratio of 208.67 and a beta of 1.32. MannKind Co. has a 1 year low of $3.17 and a 1 year high of $6.92.

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

Wall Street Analyst Weigh In

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

Insider Activity at MannKind

In other MannKind news, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total transaction of $156,500.00. Following the completion of the transaction, the insider now owns 1,022,191 shares in the company, valued at $6,398,915.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Stuart A. Tross sold 80,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the sale, the insider now owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at approximately $6,398,915.66. The disclosure for this sale can be found here. Insiders have sold a total of 197,997 shares of company stock valued at $1,245,912 over the last quarter. 3.00% of the stock is owned by company 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.