MannKind Co. (NASDAQ:MNKD) Shares Purchased by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC lifted its position in MannKind Co. (NASDAQ:MNKD) by 78.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the biopharmaceutical company’s stock after acquiring an additional 22,000 shares during the period. New Wave Wealth Advisors LLC’s holdings in MannKind were worth $322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in MNKD. Dimensional Fund Advisors LP acquired a new position in shares of MannKind in the 2nd quarter valued at $1,524,000. Renaissance Technologies LLC acquired a new position in shares of MannKind in the 2nd quarter valued at $67,000. AQR Capital Management LLC grew its position in MannKind by 8.1% during the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after purchasing an additional 3,214 shares during the period. Millennium Management LLC grew its position in MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after purchasing an additional 3,107,598 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in MannKind by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock worth $529,000 after purchasing an additional 3,374 shares during the period. 49.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on MNKD. StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Wells Fargo & Company began coverage on MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target on the stock. Finally, Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, MannKind has an average rating of “Buy” and a consensus target price of $9.07.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares in the company, valued at $7,099,181.94. This trade represents a 5.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven B. Binder sold 67,536 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the sale, the director now owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 190,075 shares of company stock valued at $1,325,587. 3.00% of the stock is owned by corporate insiders.

MannKind Stock Down 2.3 %

MNKD stock opened at $5.97 on Friday. The company’s 50-day simple moving average is $6.41 and its 200-day simple moving average is $6.28. MannKind Co. has a 52-week low of $3.17 and a 52-week high of $7.63. The firm has a market cap of $1.65 billion, a P/E ratio of 85.29 and a beta of 1.29.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. The firm had revenue of $70.08 million for the quarter, compared to analyst estimates of $77.27 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. On average, analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

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.