The Manufacturers Life Insurance Company Boosts Stock Holdings in MannKind Co. (NASDAQ:MNKD)

The Manufacturers Life Insurance Company increased its position in shares of MannKind Co. (NASDAQ:MNKD) by 3.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 101,435 shares of the biopharmaceutical company’s stock after buying an additional 3,374 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in MannKind were worth $529,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MNKD. Virtu Financial LLC grew its position in shares of MannKind by 87.2% during the 4th quarter. Virtu Financial LLC now owns 96,066 shares of the biopharmaceutical company’s stock valued at $350,000 after acquiring an additional 44,737 shares during the period. 180 Wealth Advisors LLC increased its position in shares of MannKind by 12.6% in the first quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock valued at $8,798,000 after buying an additional 216,880 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of MannKind by 71.4% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 235,886 shares of the biopharmaceutical company’s stock valued at $1,069,000 after buying an additional 98,282 shares in the last quarter. TSP Capital Management Group LLC acquired a new position in shares of MannKind during the 1st quarter worth approximately $3,661,000. Finally, Mission Wealth Management LP grew its stake in MannKind by 18.2% in the 1st quarter. Mission Wealth Management LP now owns 26,650 shares of the biopharmaceutical company’s stock valued at $121,000 after acquiring an additional 4,100 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MNKD shares. Leerink Partners initiated 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 lifted their price objective on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Leerink Partnrs raised MannKind to a “strong-buy” rating in a report on Monday, September 9th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, MannKind has a consensus rating of “Buy” and a consensus price target of $8.67.

Insider Buying and Selling

In related news, insider Stuart A. Tross sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Stuart A. Tross sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the transaction, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 195,161 shares of company stock worth $1,229,095. Company insiders own 3.00% of the company’s stock.

MannKind Price Performance

Shares of NASDAQ:MNKD opened at $6.61 on Wednesday. The firm has a market capitalization of $1.80 billion, a PE ratio of 220.33 and a beta of 1.31. The firm’s 50-day moving average is $6.00 and its two-hundred day moving average is $5.25. MannKind Co. has a 1 year low of $3.17 and a 1 year high of $6.92.

MannKind (NASDAQ:MNKD) last released its 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. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The firm had revenue of $72.39 million for the quarter, compared to analyst estimates of $64.81 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The business’s quarterly revenue was up 48.9% compared to the same quarter last year. Analysts expect that MannKind Co. will post 0.11 EPS for the current fiscal year.

MannKind Company 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.