First Trust Advisors LP Buys Shares of 777,327 MannKind Co. (NASDAQ:MNKD)

First Trust Advisors LP purchased a new stake in shares of MannKind Co. (NASDAQ:MNKD - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 777,327 shares of the biopharmaceutical company's stock, valued at approximately $4,998,000. First Trust Advisors LP owned approximately 0.28% of MannKind at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MNKD. Jones Financial Companies Lllp raised its position in shares of MannKind by 3,294.8% in 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. Beirne Wealth Consulting Services LLC bought a new stake in MannKind during the fourth quarter valued at approximately $66,000. Marshall Investment Management LLC bought a new stake in MannKind during the fourth quarter valued at approximately $69,000. Proficio Capital Partners LLC purchased a new position in MannKind in the 4th quarter worth approximately $70,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of MannKind during the 4th quarter worth $86,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Up 1.0 %

NASDAQ:MNKD traded up $0.05 on Friday, reaching $5.00. 1,639,769 shares of the company's stock traded hands, compared to its average volume of 2,389,147. The stock has a 50-day simple moving average of $4.94 and a 200-day simple moving average of $5.88. The firm has a market cap of $1.52 billion, a PE ratio of 71.43 and a beta of 1.14. MannKind Co. has a 12 month low of $4.17 and a 12 month high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $76.78 million for the quarter, compared to analysts' expectations of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. On average, equities analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MNKD has been the topic of several recent research reports. StockNews.com upgraded MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Mizuho began coverage on shares of MannKind in a research report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 target price on the stock. Finally, Wedbush reaffirmed an "outperform" rating and set a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. Eight equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, MannKind has a consensus rating of "Buy" and an average price target of $9.56.

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.