Bank of America Corp DE Raises Position in MannKind Co. (NASDAQ:MNKD)

Bank of America Corp DE lifted its holdings in shares of MannKind Co. (NASDAQ:MNKD - Free Report) by 29.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,364,313 shares of the biopharmaceutical company's stock after purchasing an additional 765,483 shares during the quarter. Bank of America Corp DE owned about 1.22% of MannKind worth $21,633,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MNKD. Jones Financial Companies Lllp boosted its stake in MannKind by 3,294.8% in the 4th quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company's stock worth $42,000 after buying an additional 6,392 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new position in shares of MannKind during the 4th quarter worth about $65,000. Beirne Wealth Consulting Services LLC purchased a new position in shares of MannKind during the 4th quarter worth about $66,000. Proficio Capital Partners LLC acquired a new stake in shares of MannKind in the fourth quarter worth approximately $70,000. Finally, Marshall Investment Management LLC purchased a new stake in MannKind in the fourth quarter valued at approximately $69,000. Hedge funds and other institutional investors own 49.55% of the company's stock.

MannKind Stock Up 2.3%

NASDAQ MNKD opened at $4.47 on Tuesday. MannKind Co. has a fifty-two week low of $4.34 and a fifty-two week high of $7.63. The business has a 50 day moving average price of $4.83 and a two-hundred day moving average price of $5.72. The stock has a market cap of $1.36 billion, a PE ratio of 63.86 and a beta of 1.14.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $78.35 million during the quarter, compared to analyst estimates of $75.86 million. During the same period last year, the business earned $0.05 EPS. The business's revenue was up 18.1% on a year-over-year basis. Sell-side analysts anticipate that MannKind Co. will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 80,144 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total value of $375,875.36. Following the sale, the director now directly owns 1,006,611 shares of the company's stock, valued at $4,721,005.59. This represents a 7.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David Thomson sold 32,179 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the transaction, the executive vice president now directly owns 772,427 shares of the company's stock, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MNKD has been the topic of a number of recent analyst reports. StockNews.com raised shares of MannKind from a "hold" rating to a "buy" rating in a research note on Wednesday, March 19th. Wedbush restated an "outperform" rating and set a $11.00 price objective on shares of MannKind in a report on Thursday, February 27th. Finally, Mizuho assumed coverage on MannKind in a research report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 target price on the stock. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $10.00.

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.

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