Raymond James Financial Inc. Buys Shares of 654,624 MannKind Co. (NASDAQ:MNKD)

Raymond James Financial Inc. acquired a new position in shares of MannKind Co. (NASDAQ:MNKD - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 654,624 shares of the biopharmaceutical company's stock, valued at approximately $4,209,000. Raymond James Financial Inc. owned approximately 0.24% of MannKind at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in MNKD. Renaissance Technologies LLC increased its position in shares of MannKind by 50.7% during the fourth quarter. Renaissance Technologies LLC now owns 981,645 shares of the biopharmaceutical company's stock worth $6,312,000 after acquiring an additional 330,100 shares in the last quarter. Federated Hermes Inc. increased its position in shares of MannKind by 2.5% during the 4th quarter. Federated Hermes Inc. now owns 1,951,339 shares of the biopharmaceutical company's stock valued at $12,547,000 after purchasing an additional 47,058 shares during the last quarter. ExodusPoint Capital Management LP increased its position in shares of MannKind by 421.8% during the 4th quarter. ExodusPoint Capital Management LP now owns 444,599 shares of the biopharmaceutical company's stock valued at $2,859,000 after purchasing an additional 359,400 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of MannKind by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company's stock worth $40,996,000 after purchasing an additional 35,346 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings 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 buying an additional 3,587,484 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Price Performance

MNKD stock traded down $0.01 during mid-day trading on Friday, reaching $4.95. 189,848 shares of the company traded hands, compared to its average volume of 2,378,680. The company has a fifty day moving average price of $4.95 and a 200-day moving average price of $5.91. MannKind Co. has a 52-week low of $4.17 and a 52-week high of $7.63. The company has a market capitalization of $1.50 billion, a P/E ratio of 70.79 and a beta of 1.22.

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

Analyst Ratings Changes

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

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.