International Assets Investment Management LLC Buys 74,189 Shares of MannKind Co. (NASDAQ:MNKD)

International Assets Investment Management LLC boosted its stake in shares of MannKind Co. (NASDAQ:MNKD) by 511.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 88,689 shares of the biopharmaceutical company’s stock after purchasing an additional 74,189 shares during the period. International Assets Investment Management LLC’s holdings in MannKind were worth $558,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MNKD. 9258 Wealth Management LLC purchased a new stake in MannKind during the first quarter valued at approximately $51,000. Meeder Asset Management Inc. purchased a new stake in MannKind during the second quarter valued at approximately $55,000. Brookstone Capital Management purchased a new stake in MannKind during the second quarter valued at approximately $61,000. Renaissance Technologies LLC purchased a new stake in MannKind during the second quarter valued at approximately $67,000. Finally, Foundations Investment Advisors LLC purchased a new stake in MannKind during the third quarter valued at approximately $93,000. Institutional investors own 49.55% of the company’s stock.

MannKind Price Performance

NASDAQ MNKD opened at $7.26 on Wednesday. The stock has a market capitalization of $2.00 billion, a PE ratio of 181.50 and a beta of 1.30. The business has a 50 day simple moving average of $6.43 and a two-hundred day simple moving average of $5.49. MannKind Co. has a 1-year low of $3.17 and a 1-year high of $7.32.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at MannKind

In other MannKind news, insider Stuart A. Tross sold 25,000 shares of the firm’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 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the sale, the chief executive officer now directly owns 2,294,836 shares of the company’s stock, valued at approximately $14,457,466.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stuart A. Tross sold 25,000 shares of the firm’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 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 disclosure for this sale can be found here. Insiders sold 195,161 shares of company stock worth $1,229,095 in the last quarter. 3.00% of the stock is owned by corporate insiders.

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.