Cibc World Markets Corp Invests $162,000 in MannKind Co. (NASDAQ:MNKD)

Cibc World Markets Corp bought a new stake in MannKind Co. (NASDAQ:MNKD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 25,204 shares of the biopharmaceutical company’s stock, valued at approximately $162,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake in shares of MannKind by 40.6% in the 3rd quarter. Victory Capital Management Inc. now owns 47,830 shares of the biopharmaceutical company’s stock valued at $301,000 after purchasing an additional 13,823 shares during the period. Intech Investment Management LLC acquired a new position in MannKind during the third quarter worth $395,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of MannKind by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,224,829 shares of the biopharmaceutical company’s stock valued at $13,994,000 after acquiring an additional 42,041 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of MannKind by 36.8% during the third quarter. The Manufacturers Life Insurance Company now owns 138,730 shares of the biopharmaceutical company’s stock valued at $873,000 after acquiring an additional 37,295 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of MannKind by 421.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company’s stock valued at $2,968,000 after purchasing an additional 381,298 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Stock Performance

NASDAQ:MNKD opened at $5.06 on Thursday. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 72.29 and a beta of 1.27. The stock’s fifty day moving average price is $5.52 and its two-hundred day moving average price is $6.22. MannKind Co. has a 52-week low of $3.97 and a 52-week high of $7.63.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MNKD. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $7.00 to $10.00 in a report on Thursday, December 19th. Wedbush reiterated an “outperform” rating and issued a $11.00 target price on shares of MannKind in a research note on Thursday, February 27th. StockNews.com upgraded MannKind from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. Finally, Wells Fargo & Company began coverage on MannKind in a research report on Friday, December 20th. They issued an “overweight” rating and a $9.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, MannKind presently has an average rating of “Buy” and a consensus price target of $9.21.

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.