Steward Partners Investment Advisory LLC Lowers Stake in MannKind Co. (NASDAQ:MNKD)

Steward Partners Investment Advisory LLC cut its holdings in shares of MannKind Co. (NASDAQ:MNKD) by 54.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 12,627 shares of the biopharmaceutical company’s stock after selling 14,804 shares during the period. Steward Partners Investment Advisory LLC’s holdings in MannKind were worth $81,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. State Street Corp increased its position in shares of MannKind by 0.4% in the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock valued at $60,366,000 after acquiring an additional 40,338 shares during the period. Geode Capital Management LLC boosted its holdings in MannKind by 0.4% in the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock valued at $39,880,000 after purchasing an additional 24,031 shares during the last quarter. Parkman Healthcare Partners LLC boosted its stake in shares of MannKind by 37.1% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock worth $20,783,000 after acquiring an additional 894,486 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of MannKind by 60.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock worth $16,658,000 after acquiring an additional 1,000,600 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of MannKind by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,224,829 shares of the biopharmaceutical company’s stock worth $13,994,000 after acquiring an additional 42,041 shares in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Stock Up 0.8 %

Shares of MNKD stock opened at $5.24 on Tuesday. The stock has a market capitalization of $1.59 billion, a PE ratio of 74.86 and a beta of 1.27. The firm has a 50 day moving average of $5.65 and a two-hundred day moving average of $6.26. MannKind Co. has a 52 week low of $3.97 and a 52 week high of $7.63.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $76.78 million during the quarter, compared to analysts’ expectations of $74.99 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. Analysts expect that MannKind Co. will post 0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MNKD. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Wells Fargo & Company initiated coverage on shares of MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $11.00 target price on shares of MannKind in a report on Thursday, February 27th. Eight 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, MannKind has an average rating of “Buy” and an average price target of $9.21.

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.