Principal Financial Group Inc. Buys 134,937 Shares of MannKind Co. (NASDAQ:MNKD)

Principal Financial Group Inc. boosted its stake in MannKind Co. (NASDAQ:MNKD) by 401.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 168,518 shares of the biopharmaceutical company’s stock after purchasing an additional 134,937 shares during the quarter. Principal Financial Group Inc.’s holdings in MannKind were worth $1,060,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new position in shares of MannKind during the 2nd quarter worth about $55,000. Brookstone Capital Management bought a new position in MannKind during the 2nd quarter worth approximately $61,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in MannKind by 22.3% during the third 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 during the period. Renaissance Technologies LLC bought a new stake in MannKind in the second quarter valued at approximately $67,000. Finally, Foundations Investment Advisors LLC acquired a new stake in MannKind in the third quarter worth $93,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

Insider Transactions at MannKind

In other MannKind news, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the sale, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The trade was a 7.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the sale, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. This trade represents a 0.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 317,700 shares of company stock valued at $2,089,358 over the last three months. Company insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Leerink Partners began coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price target for the company. Leerink Partnrs raised MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Oppenheimer increased their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, MannKind has an average rating of “Buy” and an average target price of $8.67.

MannKind Trading Down 0.9 %

MNKD stock opened at $6.84 on Friday. The stock has a 50-day moving average price of $6.71 and a two-hundred day moving average price of $5.76. MannKind Co. has a 1 year low of $3.17 and a 1 year high of $7.63. The stock has a market cap of $1.89 billion, a PE ratio of 97.71 and a beta of 1.30.

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.