Geode Capital Management LLC Acquires 24,031 Shares of MannKind Co. (NASDAQ:MNKD)

Geode Capital Management LLC boosted its stake in shares of MannKind Co. (NASDAQ:MNKD) by 0.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 6,338,928 shares of the biopharmaceutical company’s stock after purchasing an additional 24,031 shares during the period. Geode Capital Management LLC’s holdings in MannKind were worth $39,880,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. State Street Corp boosted its stake in MannKind by 0.4% in the third 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 last quarter. Millennium Management LLC raised its holdings in shares of MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after purchasing an additional 3,107,598 shares during the period. Parkman Healthcare Partners LLC lifted its stake in MannKind by 37.1% in the third quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after purchasing an additional 894,486 shares during the last quarter. Two Sigma Advisers LP grew its holdings in MannKind by 60.7% during the third quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after purchasing an additional 1,000,600 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in MannKind by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,224,829 shares of the biopharmaceutical company’s stock worth $13,994,000 after buying an additional 42,041 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Price Performance

MNKD opened at $6.74 on Wednesday. The firm has a market capitalization of $1.86 billion, a P/E ratio of 96.29 and a beta of 1.28. MannKind Co. has a one year low of $3.17 and a one year high of $7.63. The company has a fifty day moving average price of $6.77 and a 200-day moving average price of $6.07.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven B. Binder sold 67,539 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $6.76, for a total transaction of $456,563.64. Following the completion of the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,267,175.76. This trade represents a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 190,075 shares of company stock valued at $1,325,587. Company insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. Wells Fargo & Company initiated coverage on shares of MannKind in a research note on Friday, December 20th. They issued an “overweight” rating and a $9.00 target price for the company. Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. Finally, Oppenheimer lifted their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $8.88.

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.