Northern Trust Corp Boosts Stake in MannKind Co. (NASDAQ:MNKD)

Northern Trust Corp lifted its stake in MannKind Co. (NASDAQ:MNKD - Free Report) by 8.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,777,784 shares of the biopharmaceutical company's stock after purchasing an additional 207,792 shares during the quarter. Northern Trust Corp owned about 1.01% of MannKind worth $17,861,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC boosted its position in shares of MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company's stock worth $3,271,000 after purchasing an additional 338,121 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of MannKind by 358.6% in the 4th quarter. Victory Capital Management Inc. now owns 219,367 shares of the biopharmaceutical company's stock worth $1,411,000 after purchasing an additional 171,537 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of MannKind by 275.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock worth $31,427,000 after purchasing an additional 3,587,484 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of MannKind by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,270,106 shares of the biopharmaceutical company's stock worth $14,597,000 after purchasing an additional 45,277 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of MannKind by 3.0% in the 3rd quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company's stock worth $1,047,000 after purchasing an additional 4,603 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Trading Down 4.2%

MNKD stock traded down $0.19 during midday trading on Friday, hitting $4.37. The company's stock had a trading volume of 2,907,836 shares, compared to its average volume of 2,383,257. The company has a market cap of $1.33 billion, a PE ratio of 62.43 and a beta of 1.14. MannKind Co. has a 12 month low of $4.34 and a 12 month high of $7.63. The firm's 50-day moving average is $4.84 and its 200-day moving average is $5.76.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $78.35 million for the quarter, compared to analysts' expectations 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 was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 EPS. Analysts expect that MannKind Co. will post 0.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MNKD. Wedbush reissued an "outperform" rating and issued a $11.00 price target on shares of MannKind in a research report on Thursday, February 27th. StockNews.com raised MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Finally, Mizuho assumed coverage on MannKind in a research report on Thursday, April 10th. They issued an "outperform" rating and a $12.00 price objective on the stock. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $10.00.

Insider Activity

In other news, EVP David Thomson sold 32,179 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the sale, the executive vice president now directly owns 772,427 shares in the company, valued at $3,614,958.36. This represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven B. Binder sold 80,144 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total value of $375,875.36. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

MannKind 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.