Voloridge Investment Management LLC Cuts Stock Position in MannKind Co. (NASDAQ:MNKD)

Voloridge Investment Management LLC reduced its stake in MannKind Co. (NASDAQ:MNKD - Free Report) by 16.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,066,754 shares of the biopharmaceutical company's stock after selling 213,843 shares during the period. Voloridge Investment Management LLC owned 0.39% of MannKind worth $6,859,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MNKD. Jones Financial Companies Lllp increased its holdings in MannKind by 3,294.8% in the fourth 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 period. Kovitz Investment Group Partners LLC purchased a new position in shares of MannKind during the fourth quarter valued at about $65,000. Beirne Wealth Consulting Services LLC purchased a new stake in shares of MannKind during the fourth quarter valued at approximately $66,000. Marshall Investment Management LLC bought a new position in MannKind in the fourth quarter worth approximately $69,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of MannKind in the fourth quarter worth $70,000. 49.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Mizuho initiated coverage on shares of 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 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 set 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, MannKind currently has a consensus rating of "Buy" and an average target price of $10.00.

Insider Buying and Selling

In other news, EVP David Thomson sold 32,179 shares of the company's 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 transaction, the executive vice president now directly owns 772,427 shares in the company, valued at approximately $3,614,958.36. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven B. Binder sold 80,144 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total transaction of $375,875.36. Following the transaction, the director now owns 1,006,611 shares in the company, valued at approximately $4,721,005.59. The trade was a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 126,746 shares of company stock worth $589,958 in the last three months. 3.00% of the stock is owned by corporate insiders.

MannKind Price Performance

MNKD stock traded up $0.03 during midday trading on Friday, reaching $4.15. The company had a trading volume of 735,772 shares, compared to its average volume of 2,370,130. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 59.21 and a beta of 1.14. MannKind Co. has a 1-year low of $4.05 and a 1-year high of $7.63. The stock has a 50 day moving average price of $4.66 and a 200-day moving average price of $5.57.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. The firm had revenue of $78.35 million during 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 company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the company posted $0.05 EPS. As a group, research analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current year.

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.