MannKind Co. (NASDAQ:MNKD) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC boosted its stake in shares of MannKind Co. (NASDAQ:MNKD) by 300.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 143,393 shares of the biopharmaceutical company’s stock after buying an additional 107,560 shares during the quarter. HighTower Advisors LLC owned 0.05% of MannKind worth $903,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MNKD. Mirae Asset Global Investments Co. Ltd. increased its stake in MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,816 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of MannKind in the second quarter valued at $55,000. Brookstone Capital Management acquired a new position in shares of MannKind during the 2nd quarter worth $61,000. Renaissance Technologies LLC acquired a new position in shares of MannKind during the 2nd quarter worth $67,000. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of MannKind in the 3rd quarter worth about $93,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Stock Performance

MannKind stock opened at $5.93 on Wednesday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 84.71 and a beta of 1.28. MannKind Co. has a 1 year low of $3.17 and a 1 year high of $7.63. The firm has a 50 day moving average price of $6.77 and a 200 day moving average price of $6.00.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. StockNews.com downgraded shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Leerink Partners started coverage on MannKind in a research report on Monday, September 9th. They set an “outperform” rating and a $8.00 price objective for the company. Oppenheimer upped their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Finally, Leerink Partnrs raised MannKind to a “strong-buy” rating in a research report on Monday, September 9th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $8.67.

Insider Activity

In other MannKind news, Director Steven B. Binder sold 67,536 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the sale, the director now directly owns 1,075,026 shares in the company, valued at $7,406,929.14. The trade was a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 190,075 shares of company stock valued at $1,325,587 in the last ninety days. Company 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.