Bank of America Corp DE Boosts Stock Holdings in MannKind Co. (NASDAQ:MNKD)

Bank of America Corp DE grew its holdings in shares of MannKind Co. (NASDAQ:MNKD - Free Report) by 29.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,364,313 shares of the biopharmaceutical company's stock after purchasing an additional 765,483 shares during the period. Bank of America Corp DE owned approximately 1.22% of MannKind worth $21,633,000 at the end of the most recent quarter.

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

MannKind Trading Down 2.4%

MNKD traded down $0.10 during midday trading on Friday, hitting $4.12. 2,032,135 shares of the company were exchanged, compared to its average volume of 2,383,072. The company's 50 day simple moving average is $4.75 and its 200 day simple moving average is $5.64. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 58.86 and a beta of 1.14. MannKind Co. has a 1-year low of $4.05 and a 1-year high of $7.63.

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

Insiders Place Their Bets

In related news, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the transaction, the executive vice president now owns 772,427 shares in the company, valued at $3,614,958.36. The trade was a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven B. Binder sold 12,078 shares of MannKind stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $4.40, for a total value of $53,143.20. Following the completion of the transaction, the director now owns 989,343 shares of the company's stock, valued at approximately $4,353,109.20. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,746 shares of company stock valued at $589,958. Company insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

MNKD has been the subject of several analyst reports. Mizuho began coverage on MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 price objective for the company. Wall Street Zen upgraded MannKind from a "hold" rating to a "buy" rating in a research note on Wednesday, March 19th. Finally, Wedbush restated an "outperform" rating and issued a $11.00 target price on shares of MannKind in a research note on Thursday, February 27th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $10.00.

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.