Creative Planning Raises Position in MannKind Co. (NASDAQ:MNKD)

Creative Planning increased its holdings in MannKind Co. (NASDAQ:MNKD) by 42.6% in the second quarter, Holdings Channel.com reports. The firm owned 132,777 shares of the biopharmaceutical company’s stock after purchasing an additional 39,659 shares during the period. Creative Planning’s holdings in MannKind were worth $693,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock valued at $24,766,000 after buying an additional 3,107,598 shares during the period. TSP Capital Management Group LLC grew its holdings in MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after purchasing an additional 1,583,800 shares during the period. 180 Wealth Advisors LLC increased its position in MannKind by 4.7% during the second quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock worth $11,411,000 after purchasing an additional 91,924 shares during the last quarter. Bank of New York Mellon Corp raised its stake in MannKind by 14.4% during the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock worth $4,778,000 after purchasing an additional 115,390 shares during the period. Finally, GSA Capital Partners LLP raised its stake in MannKind by 25.0% during the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company’s stock worth $2,833,000 after purchasing an additional 124,888 shares during the period. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MannKind

In other MannKind news, insider Stuart A. Tross sold 80,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the completion of the transaction, the insider now directly owns 1,047,191 shares of the company’s stock, valued at $6,628,719.03. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares in the company, valued at approximately $6,628,719.03. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total value of $156,500.00. Following the sale, the insider now owns 1,022,191 shares of the company’s stock, valued at approximately $6,398,915.66. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 197,997 shares of company stock valued at $1,245,912. Corporate insiders own 3.00% of the company’s stock.

MannKind Price Performance

NASDAQ:MNKD opened at $6.48 on Friday. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $6.92. The business’s 50-day moving average is $5.95 and its two-hundred day moving average is $5.21. The firm has a market capitalization of $1.76 billion, a PE ratio of 216.00 and a beta of 1.31.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The firm had revenue of $72.39 million for the quarter, compared to analyst estimates of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. MannKind’s revenue for the quarter was up 48.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) EPS. Equities analysts anticipate that MannKind Co. will post 0.11 EPS for the current year.

Analyst Ratings Changes

MNKD has been the subject of a number of research analyst reports. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Oppenheimer upped their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Finally, Leerink Partners assumed coverage on MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $8.67.

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.