Jacobs Levy Equity Management Inc. Purchases 110,945 Shares of MannKind Corporation $MNKD

Jacobs Levy Equity Management Inc. boosted its position in MannKind Corporation (NASDAQ:MNKD - Free Report) by 5.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,029,319 shares of the biopharmaceutical company's stock after purchasing an additional 110,945 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.67% of MannKind worth $10,207,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of MannKind in the first quarter valued at $17,011,000. Millennium Management LLC increased its holdings in shares of MannKind by 108.8% in the fourth quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company's stock valued at $22,167,000 after buying an additional 1,796,442 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock valued at $87,131,000 after buying an additional 1,263,622 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock valued at $27,450,000 after buying an additional 798,469 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of MannKind by 29.5% in the fourth quarter. Bank of America Corp DE now owns 3,364,313 shares of the biopharmaceutical company's stock valued at $21,633,000 after buying an additional 765,483 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday, August 26th. Wall Street Zen downgraded shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company upped their price target on shares of MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. HC Wainwright upped their price objective on shares of MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Finally, Oppenheimer increased their target price on shares of MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $11.17.

MannKind Price Performance

Shares of MNKD traded up $0.06 on Wednesday, hitting $5.57. The company's stock had a trading volume of 3,567,765 shares, compared to its average volume of 5,310,482. The company has a market capitalization of $1.71 billion, a PE ratio of 50.64 and a beta of 1.02. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.63. The company has a 50 day moving average price of $4.11 and a 200 day moving average price of $4.44.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The company had revenue of $76.53 million during the quarter, compared to analysts' expectations of $77.82 million. During the same quarter in the previous year, the company posted $0.05 EPS. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the transaction, the director directly owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company's stock.

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.