China Universal Asset Management Co. Ltd. Increases Stake in MannKind Co. (NASDAQ:MNKD)

China Universal Asset Management Co. Ltd. raised its holdings in MannKind Co. (NASDAQ:MNKD) by 65.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,890 shares of the biopharmaceutical company’s stock after buying an additional 20,896 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in MannKind were worth $333,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MNKD. 9258 Wealth Management LLC purchased a new position in MannKind in the first quarter valued at $51,000. Meeder Asset Management Inc. acquired a new stake in MannKind in the 2nd quarter valued at about $55,000. Brookstone Capital Management purchased a new position in shares of MannKind in the 2nd quarter valued at about $61,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 1,816 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of MannKind during the second quarter worth about $67,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

Insider Activity

In related news, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total transaction of $156,500.00. Following the transaction, the insider now owns 1,022,191 shares in the company, valued at $6,398,915.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Steven B. Binder sold 5,055 shares of MannKind stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the transaction, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at $6,385,654.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stuart A. Tross sold 25,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total transaction 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 195,161 shares of company stock valued at $1,229,095. Insiders own 3.00% of the company’s stock.

MannKind Trading Up 2.2 %

MNKD stock opened at $7.02 on Thursday. The company’s 50 day moving average is $6.29 and its two-hundred day moving average is $5.41. MannKind Co. has a twelve month low of $3.17 and a twelve month high of $7.14. The stock has a market cap of $1.91 billion, a P/E ratio of 234.00 and a beta of 1.31.

MannKind (NASDAQ:MNKD) last announced 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. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The firm had revenue of $72.39 million for the quarter, compared to analyst estimates of $64.81 million. During the same period last year, the business earned ($0.02) EPS. MannKind’s revenue for the quarter was up 48.9% compared to the same quarter last year. On average, equities research analysts predict that MannKind Co. will post 0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MNKD. Leerink Partners initiated coverage on shares of MannKind in a report on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Oppenheimer boosted their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, MannKind has an average rating of “Buy” and a consensus price target of $8.67.

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.