Voloridge Investment Management LLC Sells 213,843 Shares of MannKind Co. (NASDAQ:MNKD)

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

Other institutional investors and hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp raised 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 valued at $42,000 after acquiring an additional 6,392 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in shares of MannKind during the 4th quarter worth $65,000. Beirne Wealth Consulting Services LLC acquired a new position in MannKind in the 4th quarter valued at $66,000. Proficio Capital Partners LLC bought a new stake in MannKind during the 4th quarter valued at approximately $70,000. Finally, Marshall Investment Management LLC bought a new stake in shares of MannKind in the fourth quarter valued at approximately $69,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Down 3.1%

MNKD stock traded down $0.13 during midday trading on Wednesday, reaching $4.07. The stock had a trading volume of 1,888,370 shares, compared to its average volume of 2,378,828. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 58.14 and a beta of 1.14. MannKind Co. has a twelve month low of $4.05 and a twelve month high of $7.63. The business has a fifty day simple moving average of $4.70 and a two-hundred day simple moving average of $5.60.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings data 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. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The firm had revenue of $78.35 million for the quarter, compared to analysts' expectations of $75.86 million. During the same period last year, the firm earned $0.05 earnings per share. The business's revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts predict that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on MNKD shares. Wedbush restated an "outperform" rating and issued a $11.00 target price on shares of MannKind in a research note on Thursday, February 27th. Mizuho started coverage on shares of MannKind in a research note on Thursday, April 10th. They set an "outperform" rating and a $12.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of MannKind from a "hold" rating to a "buy" rating in a research note on Wednesday, March 19th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $10.00.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 12,078 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $4.40, for a total value of $53,143.20. Following the completion of the sale, the director now owns 989,343 shares in the company, valued at approximately $4,353,109.20. This represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David Thomson sold 32,179 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the transaction, the executive vice president now owns 772,427 shares in the company, valued at approximately $3,614,958.36. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 126,746 shares of company stock worth $589,958 in the last three months. Insiders own 3.00% of the company's stock.

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.