Jacobs Levy Equity Management Inc. Increases Stock Holdings in MannKind Corporation $MNKD

Jacobs Levy Equity Management Inc. lifted its stake in MannKind Corporation (NASDAQ:MNKD - Free Report) by 5.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,029,319 shares of the biopharmaceutical company's stock after acquiring an additional 110,945 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.67% of MannKind worth $10,207,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MNKD. Nuveen LLC purchased a new position in MannKind during the first quarter valued at approximately $17,011,000. Millennium Management LLC lifted 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 worth $22,167,000 after buying an additional 1,796,442 shares in the last quarter. Vanguard Group Inc. lifted 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 worth $87,131,000 after buying an additional 1,263,622 shares in the last quarter. D. E. Shaw & Co. Inc. lifted 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 worth $27,450,000 after buying an additional 798,469 shares in the last quarter. Finally, Bank of America Corp DE lifted 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 worth $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.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction that occurred 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 transaction, the director owned 830,508 shares in the company, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.70% of the company's stock.

MannKind Stock Up 2.8%

Shares of MannKind stock traded up $0.15 during midday trading on Friday, hitting $5.57. The company had a trading volume of 4,158,794 shares, compared to its average volume of 5,445,378. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 50.64 and a beta of 1.02. The company has a fifty day simple moving average of $4.19 and a 200 day simple moving average of $4.43. MannKind Corporation has a 12-month low of $3.38 and a 12-month high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.82 million. During the same period last year, the firm posted $0.05 EPS. MannKind's revenue was up 5.7% on a year-over-year basis. As a group, analysts expect that MannKind Corporation will post 0.1 EPS for the current year.

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.