Algert Global LLC Makes New Investment in MannKind Co. (NASDAQ:MNKD)

Algert Global LLC bought a new position in MannKind Co. (NASDAQ:MNKD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 27,226 shares of the biopharmaceutical company’s stock, valued at approximately $142,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. bought a new stake in shares of MannKind in the 2nd quarter worth about $55,000. 9258 Wealth Management LLC bought a new stake in shares of MannKind during the 1st quarter valued at about $51,000. Brookstone Capital Management bought a new stake in shares of MannKind during the 2nd quarter valued at about $61,000. Renaissance Technologies LLC bought a new stake in shares of MannKind during the 2nd quarter valued at about $67,000. Finally, EntryPoint Capital LLC grew its position in shares of MannKind by 60.9% during the 1st quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 9,008 shares during the last quarter. Institutional investors own 49.55% of the company’s stock.

MannKind Trading Up 2.5 %

Shares of NASDAQ:MNKD opened at $6.48 on Friday. The company has a 50 day moving average of $5.95 and a 200-day moving average of $5.21. The firm has a market cap of $1.78 billion, a P/E ratio of 162.04 and a beta of 1.31. MannKind Co. has a twelve month low of $3.17 and a twelve month high of $6.92.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $72.39 million during 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% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) EPS. Equities research analysts forecast that MannKind Co. will post 0.11 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Leerink Partners assumed coverage on shares of MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. Oppenheimer boosted their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Finally, Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $8.67.

Insider Activity at MannKind

In related news, insider Stuart A. Tross sold 25,000 shares of the 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 completion of the sale, the insider now directly owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Stuart A. Tross sold 25,000 shares of the 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 completion of the sale, the insider now directly owns 1,022,191 shares of the company’s stock, valued at $6,398,915.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares of the company’s stock, valued at approximately $6,385,654.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 197,997 shares of company stock valued at $1,245,912 over the last ninety days. Insiders own 3.00% of the company’s stock.

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.