Millennium Management LLC Has $22.17 Million Stake in MannKind Co. (NASDAQ:MNKD)

Millennium Management LLC raised its position in shares of MannKind Co. (NASDAQ:MNKD - Free Report) by 108.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,447,392 shares of the biopharmaceutical company's stock after acquiring an additional 1,796,442 shares during the period. Millennium Management LLC owned approximately 1.25% of MannKind worth $22,167,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Jones Financial Companies Lllp grew its position in MannKind by 3,294.8% during the fourth 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 in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in shares of MannKind in the 4th quarter worth approximately $65,000. Beirne Wealth Consulting Services LLC acquired a new stake in shares of MannKind during the 4th quarter worth approximately $66,000. Proficio Capital Partners LLC acquired a new stake in shares of MannKind during the 4th quarter worth approximately $70,000. Finally, Marshall Investment Management LLC bought a new stake in shares of MannKind during the fourth quarter valued at approximately $69,000. 49.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Steven B. Binder sold 80,144 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total transaction of $375,875.36. Following the sale, the director now owns 1,006,611 shares of the company's stock, valued at $4,721,005.59. This trade represents a 7.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the sale, the executive vice president now directly owns 772,427 shares in the company, valued at $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 126,746 shares of company stock worth $589,958. Insiders own 2.70% of the company's stock.

MannKind Stock Down 2.5%

Shares of NASDAQ:MNKD opened at $4.36 on Wednesday. MannKind Co. has a 12-month low of $4.34 and a 12-month high of $7.63. The business has a 50 day moving average of $4.81 and a 200-day moving average of $5.71. The stock has a market cap of $1.33 billion, a PE ratio of 62.29 and a beta of 1.14.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $78.35 million during the quarter, compared to analysts' expectations of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business's revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.05 EPS. Equities research analysts expect that MannKind Co. will post 0.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MNKD. Mizuho initiated coverage on MannKind in a research report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 target price for the company. StockNews.com raised shares of MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $11.00 price target on shares of MannKind in a research note on Thursday, February 27th. 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.com, the stock currently has an average rating of "Buy" and an average target price of $10.00.

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.

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