Invesco Ltd. grew its stake in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 11.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,365,850 shares of the biopharmaceutical company's stock after buying an additional 145,015 shares during the period. Invesco Ltd. owned 0.45% of MannKind worth $6,870,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new stake in shares of MannKind in the fourth quarter valued at $37,000. Kovitz Investment Group Partners LLC purchased a new stake in shares of MannKind in the fourth quarter valued at $65,000. Blueshift Asset Management LLC purchased a new stake in shares of MannKind in the first quarter valued at $51,000. Sowell Financial Services LLC purchased a new stake in shares of MannKind in the first quarter valued at $56,000. Finally, Waverly Advisors LLC purchased a new stake in shares of MannKind in the fourth quarter valued at $72,000. Hedge funds and other institutional investors own 49.55% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have recently commented on MNKD. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Royal Bank Of Canada lifted their price objective on MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price objective on shares of MannKind in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $9.50.
Get Our Latest Research Report on MNKD
Insider Activity at MannKind
In other MannKind news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the transaction, the director owned 830,508 shares in the company, valued at $3,272,201.52. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.
MannKind Trading Up 2.2%
Shares of MNKD traded up $0.10 during midday trading on Friday, reaching $4.59. 4,210,244 shares of the company were exchanged, compared to its average volume of 3,815,401. The stock has a 50-day moving average price of $3.85 and a 200-day moving average price of $4.44. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 41.73 and a beta of 1.02. MannKind Corporation has a 1-year low of $3.38 and a 1-year high of $7.63.
MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The company had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm's quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Equities research analysts anticipate that MannKind Corporation will post 0.1 earnings per share for the current year.
MannKind Company Profile
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Free Report)
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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